Deposed video rental king Blockbuster filed a motion in U.S. Bankruptcy Court to put itself up for sale, starting an auction in which it already says it has a bidder.

CNNMoney reports an investor group has offered $290 million for the company. Blockbuster is attempting to claw its way out of $1 billion in debt.

Provided the court approves of the sale, Blockbuster can solicit bids for 30 days and the sale would occur before April 20.

What would a buyer need to do to make Blockbuster less of a laughingstock and more of a viable movie-rental option?

Bankrupt Blockbuster puts itself up for sale [CNNMoney via Kotaku]

Previously: Blockbuster To Close 182 Stores… Wait, There Are Still Blockbusters?

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