- Aug 27, 2008
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Blockbuster Inc. filed for bankruptcy protection Thursday in a last-ditch plan to remake the ubiquitous movie-rental chain amid seismic shifts in how consumers view movies and television shows.
Struggling with more than $900 million of debt, Blockbuster filed for Chapter 11 protection in New York with a plan to turn itself over to creditors. In a deal backed by senior bondholders, Blockbuster would reduce its total debt to roughly $100 million by the time it exits bankruptcy, which it hopes to do by early next year.
Blockbuster Turns Itself Over to Creditors - WSJ.com
Good thing those genius anti-trusters stopped Blockbuster and Hollywood Video's merger so they wouldn't become a monopoly.