April 16, 2010 / 10:09 PM / 10 years ago

UPDATE 1-Blockbuster delays shareholder meeting to June 24

* Postpones shareholder meeting to June 24

* Seeks ways to restructure debt, avoid delisting

SAN FRANCISCO, April 16 (Reuters) - Video rental chain Blockbuster Inc BBI.N said on Friday it postponed its annual shareholders meeting to gain more time to devise a plan to restructure its debt and avoid being delisted.

The annual meeting has been postponed to June 24 from May 26, the company said in a release.

The additional time will help the company “complete one or more of our ongoing recapitalization initiatives prior to the annual meeting, possibly resolving our NYSE noncompliance,” it said in the release.

The video-rental chain hovering on the brink of bankruptcy had said earlier it was not in compliance with the New York Stock Exchange requirements for minimum market value.

Blockbuster had planned to ask investors at its annual shareholder meeting to decide on a proposal for a reverse stock split.

Last month, the company said it might need to file for bankruptcy protection to address a roughly $1 billion debt load.

Its shares closed up 3 cents at 40 cents on Friday. (Reporting by Poornima Gupta; editing by Andre Grenon)

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