Things are looking up for Blockbuster. Earlier this week, on the Marketplace Morning Report, we talked about how BBI is struggling with its debt load. The company reported earnings yesterday, and said it is working on a refinancing of a $350 million credit line. Standard & Poor’s LCD reports that JP Morgan Chase and two of the company’s other banks have agreed to a refinancing. But there’s still a way to go.

The new commitments represent “65% of the expected aggregate principle amount of the extended revolving credit facility,” Blockbuster said. The company on March 11 drew the remaining $60 million under the $350 million RC as a precaution against prevailing economic conditions and ongoing uncertainty in the credit markets … The $350 million revolver, as well as the $28 million stub of its tranche A term loan, are due to mature in September.

Negotiations continue