Blockbuster Inc. has proclaimed that there is a need for recruiting a chief restructuring officer in the company as soon as next week in order to manipulate the acquittal to the debt providers.

The appointment of the officer will help the company avail a tine period of six-weeks for paying off the debts worth $42 million.

The payment of the debts is likely to undertake job cuts, and austerity measures in the company.

The officials clarified that the appointment of the restructuring officer doesn’t imply that the role of the current Chairman and Chief Executive, James Keyes, is over.

Without disclosing the conditions in the agreement, they explained that his agreement has been extended.

The chiefs and the board directors are trying their best to save the company from liquidation.

They said that it makes sense if they hire a restructuring officer in such a complex situation. The restructuring officers often work to assist the CEOs.

The debt holders have, however, said that they expect Blockbuster to make all the payments, reaching a total of $42.4 million as soon as August 13.

“The company expects any recapitalization to significantly reduce our debt and increase our financial flexibility”, said Keyes.