Blockbuster Inc. averted immediate liquidation Thursday as Judge Burton Lifland of Manhattan federal bankruptcy court approved an eleventh hour deal for the Dallas-based movie rental chain to be sold at auction. The deal was reached after at least 50 lawyers for the company, movie studios, hedge funds, and creditors negotiated for six hours outside Judge Lifland’s Manhattan courtroom to reach an agreement, according to this report from Bloomberg News.
The atmosphere outside Judge Lifland’s courtroom was one of “good-faith, hard-fought negotiation,” says Weil, Gotshal & Manges partner Stephen Karotkin, counsel to Blockbuster in its bankruptcy.
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