Once your employer submitted his LMIA application you can renew your work permit with the LMIA receipt number. You can play around with the online application to extend / renew work permit questions and see if it says you are eligible. You will also be able to generate the document check list so you can get everything ready.
For more information you can check this out: http://www.cic.gc.ca/english/helpcentre/answer.asp?q=701&t=17
Moreover, if you get ITA before your current work permit expires then you can simply just bridge it after you have submitted the PR application and received the AOR letter, which for me came 30 seconds after I have submitted the application.
Updated: Based on the information from another forum member it seems the following doesn't apply to you so I have crossed it out.
On the other hand, you can opt for this more complex option if the suggestions above don't apply to your situation:
May not be an appropriate or the best option but you can submit a paper application to extend your work permit even if you do not have the requested documents AND you have to do it BEFORE your current permit expires. That way, you will be have Implied Status until CIC reaches a decision about your application. Under implied status you can continue to work for the same conditions that was set out under your current work permit.
More information about Implied Status:
http://www.cic.gc.ca/english/helpcentre/answer.asp?q=474&t=17
Note: you will have to pay for this paper application and you will waste money and the application will be declined, but you are buying yourself time while you hope for your employer to get a positive LMIA and hence you need to do it by PAPER. CIC processes paper application so much slower than online, so you will have a longer Implied Status, and if I were you I'd submit my paper application in mid May. If the LMIA doesn't come before CIC makes a decision about your paper application then you will have to stop working. However, once you receives the LMIA from your employer you will then be able to apply for 1. restoration of status and 2. a new work permit.
The last option is basically buying you time and allow to stay in the workforce for as long as you can, and if you are to go out of job it won't be a long one.
I'd urge you to prepare job descriptions and such for your employer to post the job. Do your employers a favour and have everything ready for him/her and trust me this will make things go smoother. I typed up the reference letter and everything for my employer, so all he did was to take 2 seconds to read over and sign. If I have to have him write a letter from scratch he will probably take forever.
Hope it helps and good luck.
