Blockbuster Hires Weil Gotshal - Isn't Contemplating Bankruptcy?

I'm including this latest Wall Street Journal story on reorganization at Blockbuster by Mike Spector because it made me laugh.  

In recent days, Blockbuster tapped law firm Weil, Gotshal & Manges and investment bank Rothschild Inc. to look at ways to reduce its roughly $1 billion debt load and explore other strategies, such as acquisitions or partnerships, said people familiar with the matter.

There is only one reason a company in Blockbuster's condition would hire the best bankruptcy law firm on the planet and everyone knows it.  Of course, the communications situation of a pending bankruptcy requires that everyone deny it.

Chief Executive Jim Keyes said the company works with advisers regularly and that management is considering a menu of options including reworking its debt and pursuing merger-and-acquisition opportunities. He declined to elaborate.

"We don't contemplate filing for bankruptcy," he said in an interview.

Of course, if his creditors and other partners managed to infer such an outlandish notion from the hiring and perhaps got a little more accommodating about working with him, well, that's just a happy coincidence, I suppose.

UPDATE: The Filing was today so I'm sending this post out again.

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