Blockbuster Executives Prepping for Sale (Report)
Billionaire investor Carl Icahn is considered a front-runner to buy the movie-rental chain, which is in bankruptcy protection.
Blockbuster may be going up for sale.
Executives are in the process of readying the movie-rental chain for a sale after creditors couldn't agree on plans to give the company more cash to help it come out of bankruptcy protection, the Wall Street Journal reported, citing sources.
The company is now planning to find a buyer instead of seeking reorganization in bankruptcy court.
The company's creditors include billionaire investor Carl Icahn as well as a consortium led by hedge fund Monarch Alternative Capital Lp. They are also the front-runners to buy the chain, the WSJ reported.
Sources also told the WSJ that potential bidders could offer more than $300 for the firm, plus assumption of various liabilities.
Blockbuster and Monarch declined to comment to the WSJ, while Ican did not respond to requests for comment.