The once-popular video company Blockbuster Inc. has been granted a few extra week by lenders to create a plan of reorganization and to hire a CEO. Their primary bankruptcy lenders, Carl Icahn and Monarch Alternative Capital LP, gave the company until Feb. 4 to deliver this plan. After that the company will have to share the reorganization plan with the U.S. Bankruptcy Court in New York on Feb.11.

The current CEO, Jim Keyes, has no plans of leaving just yet. In an email sent out on Friday he wrote that "we are making good progress and, as promised, I am staying long enough to see the process through." Keyes has led the company since 2007 and, although he will be asked to step down as CEO, he could possibly work for Blockbuster in the future as a consultant.

Other possibilities for the company include a public sale, as reported by the Wall Street Journal, or asking for more money, possibly $250 million more, in order to escape bankruptcy altogether.

In exchange for filing for bankruptcy and future ownership of the company, Blockbuster's lenders agreed to wipe out nearly all but $100 million of the company's $1 billion in debts.

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