ENTERTAINMENT

Distributor Files Prepackaged Bankruptcy: Live Entertainment Inc. filed a prepackaged bankruptcy reorganization plan, as expected. The filing is part of the company’s effort to restructure its burdensome debt. Live, a Van Nuys-based distributor of home videos and entertainment software, said its debt would be reduced by about $70 million once the restructuring is complete. The main purpose of the Chapter 11 bankruptcy filing is to have the court give final approval to the restructuring of Live’s 14.5% notes and its Series A cumulative preferred stock, a restructuring that most of the securities’ holders have already endorsed, Live said.