Blockbuster ordered to hire restructuring chief
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.