Blockbuster's plan of putting itself on auction-- with bids starting off at $290m from Cobalt Video Holdco LLC-- meets opposition from 45 creditors, including Walt Disney Co., Universal studios, Yahoo, landlords and a committee of unsecured creditors.
The opposing creditors accuse the sale proposal of "being aggressive", as it benefits the group of lenders at all other creditors' expense; allowing them to dictate who receives the sale proceeds.
Meanwhile movie studios-- including Paramount, 20th Century Fox, Universal Studios and Warner Bros.-- form a separate committee representing their interests in the case.
The hearing on the case is now set to continue on March 10.
Go Blockbuster Sale Attacked by Disney, Universal, Landlords (Bloomberg)