Get out your “Blockbuster should pay a late fee” jokes, Insiders, because the bankrupt behemoth just got another extension on its deadline to file a reorganization plan. BB had previously negotiated an extension to December 15, and has now changed the terms of its bankruptcy operating loan to give itself until January 14 to file.
According to a regulatory filing, BB will have until February 11 to obtain final court approval of the reorg plan.
Repeatedly pushing back its post-bankruptcy plan filing has got to be making more than a few people nervous, both inside and outside the company. Should we give Blockbuster the benefit of the doubt and assume that its reorganization plan is so comprehensive and effective that it requires extra time for polishing?