Heading in opposite directions?

Blockbuster, Inc., the once-mighty video rental chain, made minor news late last week with the announcement it had entered into a Forbearance Agreement with some of its creditors, buying itself a little time to dig out of the hole into which it has been slowly sinking over the last several years.

The announcement comes on the heels of the company’s 10-Q, which reports a loss of $134 million for the first half of 2010.  By contrast, rival Netflix, in its recent 10-Q, reported net income of $76 million for the same period.