July 1 (Reuters) - Blockbuster Inc:
* Says reaches forbearance agreement with some of its senior secured
noteholders
* Says forbearance with 70 percent of holders of its 11.75 percent snr SEC
notes due 2014
* Says noteholders agree to forbear from exercising remedies through August 13
* Says board approves extension of contract of CEO Jim Keyes
* Says will not make payments due on snr secured notes due July 1, 2010
* Says nonpayment includes $23.9 million amortization payment, $18.5 million
interest payment; says it preserves $42.4 million incremental liquidity
* Says pursuing balance sheet recapitalization
((New York Equities Desk; tel: +1 646 223 6000))
(For more news about Blockbuster Inc click here:) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
* Says reaches forbearance agreement with some of its senior secured
noteholders
* Says forbearance with 70 percent of holders of its 11.75 percent snr SEC
notes due 2014
* Says noteholders agree to forbear from exercising remedies through August 13
* Says board approves extension of contract of CEO Jim Keyes
* Says will not make payments due on snr secured notes due July 1, 2010
* Says nonpayment includes $23.9 million amortization payment, $18.5 million
interest payment; says it preserves $42.4 million incremental liquidity
* Says pursuing balance sheet recapitalization
((New York Equities Desk; tel: +1 646 223 6000))
(For more news about Blockbuster Inc click here:) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.