BANGALORE (Reuters) - Blockbuster Inc, which filed for bankruptcy last year, said it has started the process to sell itself and has entered into a "stalking horse" asset purchase deal with investor group Cobalt Video Holdco for $290 million.
Cobalt is a limited liability company formed by funds managed by Monarch Alternative Capital LP, Owl Creek Asset Management LP, Stonehill Capital Management LLC and Värde Partners Inc.
A "stalking horse" bid is used when a bankrupt company chooses an interested firm to set the bar so that other bidders can't low-ball a purchase price.
Blockbuster also filed a motion seeking approval from U.S. bankruptcy court for Southern District of New York to conduct an auction.
Blockbuster expects that its U.S. operations, including a majority of its stores, DVD vending kiosks, by-mail and digital businesses, to continue to serve customers in the ordinary course during the sale process, it said.
(Reporting by Saqib Iqbal Ahmed in Bangalore; Editing by Maju Samuel)
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