Report: New bidders emerge for Blockbuster
New York City -- Several bidders, including Dish Network Corp. and billionaire investor Carl Icahn, are ready to battle for Blockbuster at a bankruptcy auction in New York on Monday, the Associated Press reported. The chain, which filed Chapter 11 in February, has received several bids other than the opening bid of $290 million from a group of debtholders made in February.
Dish and Icahn have each submitted a bid, The Wall Street Journal reported Friday.
Jay Indyke, attorney for the committee of unsecured creditors, confirmed several bids had come in but did not specify who they are from, the Associated Press said.
Icahn was part of the group of debtholders that provided Blockbuster financing to operate while in bankruptcy in September. Everyone in that group, except for Icahn, made an opening bid in February, known as a "stalking horse" bid, to buy Blockbuster for $290 million.
Prospective bidders are either after Blockbuster's assets, such as its name, kiosks and movie-download service, or the money they can make from liquidating the brand, according to analysts.
Following the auction, a sale approval hearing is scheduled for Thursday.