Block­buster or­dered to hire re­struc­tur­ing chief

Austin American-Statesman - - BUSINESS - Com­piled from wire re­ports

gion is home to the com­pany’s flag­ship park, Six Flags Over Texas” in Ar­ling­ton.

The com­pany, which op­er­ates 19 theme parks in North Amer­ica, was started in Ar­ling­ton in 1961 by de­vel­oper An­gus Wynne.

Through a se­ries of cor­po­rate ac­qui­si­tions, the head­quar­ters landed in New York, where it’s been for the past four years.

DAL­LAS — Block­buster Inc. must hire a chief re­struc­tur­ing of­fi­cer by next week, the com­pany dis­closed in a fil­ing.

Debt hold­ers made that stip­u­la­tion part of an agree­ment dis­closed Thurs­day to give the Dal­las-based com­pany a six- week ex­ten­sion on its in­ter­est pay­ment — a move that in­di­cates staff cuts and cost-cut­ting mea­sures may lie ahead.

On Thurs­day, 70 per­cent of its se­cured bond­hold­ers said they were will­ing to give Block­buster an­other six weeks, through Aug. 13, to make a $42.4 mil­lion in­ter­est and prin­ci­pal pay­ment.

The move sig­nals that Block­buster was able to show them they have good prospects for new eq­uity and cost re­duc­tions.

Spec­u­la­tion has fo­cused on NCR Corp., which is rolling out as many as 10,000 Block­buster Ex­press kiosks by the end of this year.

An­a­lysts es­ti­mate the li­cens­ing agree­ment with Block­buster could gen­er­ate rev­enue of $25 mil­lion a year or more for Block­buster.

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