New York City -- A Manhattan bankruptcy judge on Thursday has cleared the path for Blockbuster to sell itself to a group of hedge funds, preventing the movie rental chain from having to liquidate its assets.
Judge Burton R. Lifland has approved procedures for the auction of Blockbuster, with a $290 million initial offer from a group of senior bondholders led by hedge fund Monarch Alternative Capital.
"The parties have come to an accord and presented us with a more palatable situation," said Judge Lifland. He has agreed to hold the auction in his courtroom. It is expected to occur in the first week of April.
The Monarch-led g