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Blockbuster: Not Dead Just Yet

in News on September 2, 2009 at 3:14 pm PT

Blockbuster shares rallied sharply Wednesday after the company announced a reduction in the letters of credit it maintains on behalf of Viacom, 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.