D&M Publishers now has until Jan. 4 to file a proposal to creditors. The Vancouver company, home to the Douglas & McIntyre and Greystone Books imprints, announced late Tuesday that it has received a 45-day extension from the Supreme Court of British Columbia.

With upward of $6 million owing, D&M originally filed for creditor protection on Oct. 21 under provisions of the federal Bankruptcy and Insolvency Act. That protection was set to expire today.

D&M is still hopeful of finding a buyer for at least some of its assets. Its financial trustee, the Bowra Group, will accept offers until 2:00 p.m. (PST) on Nov. 26.

The company says it remains operational during the restructuring, despite laying off nearly all of its staff.