Blockbuster Inc. has asked a bankruptcy court to approve funding to retain an executive search firm for the hiring of a new CEO, according to a filing.
The move would appear to underscore efforts by Blockbuster’s senior debt holders to replace Jim Keyes, who has been CEO of the venerable packaged media rental brand since 2007.
Keyes previously was CEO of 7-Eleven.
Dallas-based Blockbuster, in the Oct. 19 filing with United States Bankruptcy Court for the Southern District of New York, formally requested $400,000 as a one-time fee for services of Korn/Ferry International.
According to the filing, a perspective CEO candidate would have to receive approval of senior lenders, with the final hiring decision made by a “supermajority of sponsoring note holders,” which includes former board member Carl Icahn.
Blockbuster filed a pre-packaged Chapter 11 bankruptcy filing Sept. 23, listing more than $1.4 billion in liabilities.
The court will hold a session on the funding request Nov. 10.
The move would appear to underscore efforts by Blockbuster’s senior debt holders to replace Jim Keyes, who has been CEO of the venerable packaged media rental brand since 2007.
Keyes previously was CEO of 7-Eleven.
Dallas-based Blockbuster, in the Oct. 19 filing with United States Bankruptcy Court for the Southern District of New York, formally requested $400,000 as a one-time fee for services of Korn/Ferry International.
According to the filing, a perspective CEO candidate would have to receive approval of senior lenders, with the final hiring decision made by a “supermajority of sponsoring note holders,” which includes former board member Carl Icahn.
Blockbuster filed a pre-packaged Chapter 11 bankruptcy filing Sept. 23, listing more than $1.4 billion in liabilities.
The court will hold a session on the funding request Nov. 10.
