NEW YORK (
stock trading is being halted by the New York Stock Exchange after the company said it was unable to approve a recapitalization plan that was necessary to comply with listing requirements.
Blockbuster announced in a Securities and Exchange filing that shareholders did not approve a plan to combine the company's Class A and Class B common stock or the option for a reverse stock split.
Management previously assumed that it had secured the necessary votes during its
, but the final count showed otherwise.
Before the annual meeting Blockbuster said that it reached an agreement with the NYSE that would allow it to continue trading for another year.
The movie rental retailer also has $42 million in debt payment due today, according to
The Dallas Morning News
, and CEO Jim Keyes' three-year contract is set to expire this week.
-- Reported by Jeanine Poggi in New York.
Follow TheStreet.com on
and become a fan on