A time extension for Blockbuster bankruptcy reorganization

Blockbuster Inc. won several legal victories in New York recently when a judge granted the company’s request to extend the filing date of its Chapter 11 bankruptcy reorganization plan to March 21, giving the retailer three extra months, according to court records. The judge also denied shareholder demands for a probe into the company’s September bankruptcy filing, and, a day later, Blockbuster was given the go-ahead for a plan to close dozens of stores over landlords’ objections.

The once dominant movie rental company announced in December that it plans to close 180 stores this quarter, though it will continue on with business as usual in its remaining outlets, according to Blockbuster’s Recapitalization page.

See In re: Blockbuster Inc, U.S. Bankruptcy Court, Southern District of New York, No. 10-14997. Court filings list Stephen Karotkin and Martin Sosland of Weil, Gotshal & Manges in New York as counsel for Blockbuster.