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Blockbuster names chief restructuring officer

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New York Blockbuster Inc. has named Jeffery Stegenga as its chief restructuring officer, the Wall Street Journal reported.

The chain’s bondholders granted cash-strapped Blockbuster a forbearance last week that allowed Blockbuster to skip a $42.4 million debt payment without triggering a default. It runs through Aug. 13, but can be extended. It mandated the naming of a chief restructuring office and regular business updates from Blockbuster management to its creditors.

Stegenga is a managing director with turnaround and restructuring firm Alvarez & Marsal. He will return to the company following his tenure with Blockbuster.

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