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September 23, 2010 / Raffy Pekson II

Blockbuster Files for Bankruptcy

Video rental giant Blockbuster has filed for Chapter 11 bankruptcy protection to cut its debt from $1 billion to about $100 million. Carl Icahn holds about 1/3 of the senior debt of the video chain.

Dallas-based Blockbuster has total assets of $1.02 billion and $1.46 billion in liabilities. The bankruptcy will allow the video rental to operate but will need to close hundreds of stores.

Read more at Reuters

Photo by Ian Britton at FreeFoto.com

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