NYSE to Hit Eject Button on Blockbuster

July 2, 2010 at 12:43 pm PT

How the mighty have fallen. The New York Stock Exchange is set to delist beleaguered Blockbuster next week after the video rental chain’s shareholders failed to approve measures that would have lifted the stock price above the NYSE’s $1 minimum (it’s currently trading under 20 cents). And if that weren’t enough, Standard & Poor’s downgraded Blockbuster’s corporate credit rating today, a day after the company missed $42.4 million in debt payments. Cue the circling-the-drain sound effect.

Tagged with credit rating, debt, delist, frontpage, New York Stock Exchange, newsbyte, Standard & Poor’s, stock price, video rental

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