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Blockbuster Stock Trading Halted

Blockbuster stock trading is being halted after Blockbuster failed to approve a restructuring plan needed to meet listing requirements on NYSE.



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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

annual meeting last week

, 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.

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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.


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