BANGALORE (Reuters) � Video rental chain Blockbuster Inc on Thursday filed for Chapter 11 bankruptcy, weighed by more than $900 million in debt and hurt by competitors who use mailboxes or instant streaming.
Senior bondholders are to provide the Dallas-based retailer with a $125 million loan to support operations while it is under bankruptcy protection, a source familiar with the situation told Reuters on September 22.
Investor Carl Icahn holds about one-third of the senior debt, according to the source.
The case is IN re: 10-14997, U.S. Bankruptcy Court, Southern District of New York.
(Reporting by Sakthi Prasad in Bangalore; Editing by Mike Nesbit)
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