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.