Blockbuster Busted--Files Chapter 11 Bankruptcy

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Dallas-based movie rental chain Blockbuster, Inc.(NYSE: BBI, BBLB) has filed for Chapter 11 bankruptcy in U.S. Bankrutpcy Court in New York.
As reported by AmLaw Daily (http://amlawdaily.typepad.com/amlawdaily),  the company lists assets of $1.02 billion and debts of $1.46 billion. According to AmLaw Daily, lead bankruptcy counsel Weil, Gotshal & Manges may oversee a fairly speedy Chapter 11 reorganization, as sufficient senior creditors purportedly are on board regarding an agreement that would reduce the company's debt by 90 percent, with principal senior lenders exchanging debt holdings for equity in the restructured company. Major debt holders include Twentieth Century Fox Home Entertainment and Warner Home Video, Inc.
Blockbuster, founded in 1985, provides in-home movie and game entertainment through more than 7,000 stores worldwide, roughly 3,000 of which are in the U.S. Netflix, Inc. has taken a large chunk of Blockbuster's business.
"TUOL" is on the lookout for a new microwave popcorn source and for old time's sake, may fine itself after a three-day period.