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Blockbuster says it could enter Chapter 11 bankruptcy protection

Blockbuster says it could enter bankruptcy protection, warns of declining sales and revenues

The video game and movie rental giant Blockbuster made interesting comments found in the latest 10-K filing with the Securities and Exchange Commission (SEC) today.

The company warned, “Over the next 12 to 18 months, we expect to continue facing the challenges of the macroeconomic environment, increased industry competition and fragmentation,”

Blockbuster recently has experienced a significant decline in total revenue as consumers shift to different more efficient and cost effective channels from competitors to get their movies.

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GM says it lost $1.2B post-bankruptcy exit

GM said today the company is turning the business around after posting only a $1.2B loss after emerging from bankruptcy

General Motors announced today that it has lost $1.2 billion since emerging from bankruptcy protection through September 30, 2009.

The company says the number is far better than expected and that it is making progress towards change.

GM chief executive Fritz Henderson said today in a statement, “today’s results provide evidence of the solid foundation we are building for the new GM,”

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Nortel to sell entire GSM business

The bankrupt Canadian-based telecommunications equipment-maker is continuing to liquidate its assets by announcing the company would sell its entire GSM and GSM-R business units.

Nortel has filed motions in both Canadian and U.S. courts to begin initial phases to sell the businesses.

Potential buyers will have to file offers by November 5, 2009, with an option auction starting a few days later on Nov 9.

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Sirius XM Radio Saved As $172M Debt Deadline Approaches

siriusSirius XP Radio was close to filing for Chapter 11 bankruptcy as a $172 million debt deadline was approaching. Today, Liberty Media struck a $430 million with Sirius. Under the deal, Sirius XM will receive $280 million, $250 million of which today, at 15% with a December 2012 maturity. In the second and final phase of the plan, Sirius will receive $150 million, in exchange for 12.5 million preferred convertible 40% common stock shares. Liberty Media has also agreed to purchase up to $100 million of existing Sirius outstanding debt. Liberty Media will get two seats on the Sirius board part of the deal. The newly raised capital will be used to pay the current $172 million debt and to support continuing operations.

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Sirius XM to File for Bankruptcy

Reports indicate Sirius satellite radio is preparing to file for chapter 11 bankruptcy as the company has hired bankruptcy advisors. Sirius currently holds more than $3 billion of debt and a bankruptcy could see heavyweight partners like Howard Stern off the air as the company would be unable to pay them. The company’s biggest customer base comes from automobile partnerships such as with Ford, which represents more than 20 million listeners and continues to decline thanks to poor car sales. Charles Ergen, founder of EchoStar and Dish Network, has previously offered to give Sirius XM enough capital to meet debt obligations, and also expressed interest in buying out the company. There is no word if a deal could be reached, but it is unlikely given Ergen’s previous offer was turned down.

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