Blockbuster gets extension for restructuring plan

Dallas -- Blockbuster has received an extension to Feb. 4 to file its restructuring plan in order to emerge from bankruptcy protection, according to a regulatory filing with the Securities and Exchange Commission.

The retailer filed for Chapter 11 protection in September.

Blockbuster, which must also find a new CEO, hopes to use the bankruptcy process to reduce its debt from nearly $1 billion to about $100 million. The company also has begun talks with its bondholders for an additional $200 million to $250 million for use after it leaves bankruptcy protection, according to The Wall Street Journal.

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