Blockbuster Gets More Time to File Restructuring Plan

The video rental company had filed for Chapter 11 bankruptcy late last year.

NEW YORK – A bankruptcy court judge has given video rental firm Blockbuster more time to file its bankruptcy restructuring plan.

The company, which has operated under Chapter 11 bankruptcy, since late last year, now has until March 21 to file a restructuring plan and until May 20 to get votes on it, according to court documents posted online.

Blockbuster was originally supposed to outline its bankruptcy by the end of last week, but the company has asked its creditors to put up more money to help it exit bankruptcy.

The bankruptcy court has also approved a Blockbuster motion covering  the procedures it will use to continue closing stores after the company settled arguments with state taxing authorities and landlords, the Wall Street Journal reported.