Dallas
– Debt-laden video rental giant Blockbuster (NYSE: BBI) announced on Tuesday that the New
York Stock Exchange (NYSE) has accepted the plan it submitted to regain
compliance with the exchange’s $75 million minimum market capitalization
requirement — and avoided delisting from the exchange.
The company now has
until September 2011 to comply with the exchange’s listing rules, which it
plans to do be effecting a reverse stock split.
Blockbuster, which recently
listed debts at $895.4 million, obtained $150 million in debtor-in-possession
financing last month in a bid to continue operations through any prospective
bankruptcy filing.
Related Links:
http://snipurl.com/xnqo2
