NEW YORK ( TheStreet) -- Blockbuster ( BBI), apparently, is not dead yet. Even after last week's announcement of a potential delisting from the NYSE, NCR ( NCR) is keeping the movie rental retailer kicking. NCR, which operates Blockbuster's DVD kiosks, announced today that it will roll out 555 of the machines to QuikTrip convenience stores. Blockbuster has been trying to play catch-up to Coinstar's ( CSTR) Redbox DVD kiosks, which operated 20,000 of the machines. It seems the competition keeps ramping up for Blockbuster, as Netflix ( NFLX) announced a deal this morning with Relativity Media that will allow its subscribers to stream select movies just months after the DVD release during the films' pay TV window. Such a move was previously not possible due to deals with cable networks like HBO, Showtime and Starz. Blockbuster clearly needs a reprieve soon, as it warned last week that it could be delisted from the New York Stock Exchange after shareholders failed to approve a recapitalization plan, which included combining Class A and Class B common stock, or the option for a reverse stock split, which was necessary to comply with listing requirements. As a result, the NYSE halted trading of Blockbuster on the Big Board Thursday afternoon. Blockbuster was also scheduled to pay $42.4 million on Thursday -- but at the eleventh hour the company announced that it had entered into an agreement with its senior secured bondholders, providing it with more time and flexibility to find recapitalization opportunities. The company now has until Aug. 13 to make the payment. Separately, Needham analyst Charles Wolf dropped coverage of Blockbuster on Tuesday, with a final hold rating on the stock. In his final research note, Wolf said it "it appears inevitable that Blockbuster will be unable to restructure unless it seeks Chapter 11 bankruptcy protection."
If Blockbuster goes through bankruptcy, however, Wolf believes it could emerge stronger. "With a streamlined store structure, a viable kiosk operation, the closure of Movie Gallery, its major competitor, and a target market of over 20 million households that continue to rent at Blockbuster, the company should be able to operate at above breakeven." Blockbuster is still saddled with about $900 million of debt. Shares of Blockbuster are slipping 4.3% to 17 cents in afternoon trading. -- Reported by Jeanine Poggi in New York. Follow TheStreet.com on Twitter and become a fan on Facebook.