Blockbuster wins another extension for filing Chapter 11 plan

New York City -- After filing for Chapter 11 reorganization bankruptcy in September, then winning an extension until Feb. 4 to file its restructuring plan to emerge from bankruptcy, Blockbuster now has until March 21 to file the plan and until May 20 to round up enough votes among its creditors for approval.  

Judge Burton R. Lifland of U.S. Bankruptcy Court in Manhattan granted the extension Wednesday.

Blockbuster, which hopes to cut its debts in court to about $100 million from almost $1 billion, is also actively searching for a new CEO to lead a turnaround effort.

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