Most companies are close to death when they receive a "going concern" letter from their accountants. The missive means that there is a great deal of risk that the firm will not be in business in a year. Blockbuster (BBI) recently got its letter.
In its 10-K, the company said that "While we believe that . . . we will be in a position to close on the amended credit facility on or about May 11, 2009, there can be no assurance regarding these matters." Blockbuster is very close to restructuring most of its pressing debt.