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At about 8:15 AM ET, the stock is trading at $1.00, up from Thursday's close of $0.83. With the advance, the stock is poised to add to recent gains and break recent resistance. In addition, the move is likely to take the stock past the 50-day moving average for the first time since mid-February.
Blockbuster announced that along with JPMorgan, Monarch Alternative Capital and Silver Point Capital, it has completed the amendment of the company's revolving and term loan facility.
The amendment includes commitments from lenders for a $250 million revolving loan refinancing with a maturity date of September 30, 2010. The company expects the commitments to fund in May upon satisfying the conditions set forth in the amendment.
In addition, the lenders have agreed to waive any default arising from a 'going concern' qualification for the fiscal year 2008 as part of the terms of the credit facility.
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