Blockbuster: Not Dead Just Yet

Blockbuster (BBI) shares rallied sharply Wednesday after the company announced a reduction in the letters of credit it maintains on behalf of Viacom (VIA), the company’s former parent, to $25 million from $75 million. The company said the change reflects a reduction in Viacom’s exposure to Blockbuster’s lease obligations.

The move is the latest in a series of steps the company is taking to get its financial house in order; last week it signed a deal to sell its 186-store, Ireland-based Xtra-Vision chain for up to $45 million.

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