NEW YORK (TheStreet) -- "Twilight" is sinking its fangs into Blockbuster(BLOAQ.PK), suggesting the movie rental chain should liquidate.
Summit Distribution, the studio behind the "Twilight" movies, said in a court filing that the flailing movie rental chain owes it $9.5 million, and that if Blockbuster doesn't pay up it should file Ch. 7 bankruptcy.
"The debtors informed Summit that the debtors would not pay Summit with respect to products that were shipped post-petition because the debtors lacked the funds to do so," according to the filing.
Blockbuster entered Ch. 11 at the end of September, suffocating under nearly $1 billion in debt.
--Written by Jeanine Poggi in New York.
http://www.thestreet.com/_yahoo/story/10997315/1/should-blockbuster-liquidate.html?cm_ven=YAHOO&cm_cat=FREE&cm_ite=NA
