NEW YORK (Standard&Poor's) Sept. 24, 2010--Standard&Poor's Ratings Services said today that Blockbuster Inc.'s (D/--/--) Chapter 11 bankruptcy filing and plan for reorganization has no current impact on the recovery ratings. We had previously lowered the corporate credit and other ratings on the company's debt to 'D' following missed interest payments in July 2010 and in early September 2010. Under the proposed reorganization plan, the holders of the 11.75% secured notes due 2014 (about $630 million outstanding) would be converted into equity. In addition, under the plan, the holders of the $300 million of 9% senior subordinated notes due 2012 would not see any recovery through the reorganization. In our recovery report published July 16, 2010, we
