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Movie Gallery moves forward with reorganization plan

29 December 2007 18:40 by Andre "DVDBack23" Yoskowitz

Movie Gallery moves forward with reorganization plan In late October the struggling video rental chain Movie Gallery filed for bankruptcy protection and this past week they have filed a reorganization plan in hopes of emerging from bankruptcy in the next six months.

The plan was filed on December 27th and today the U.S. Bankruptcy Court set the hearing to consider approval of the disclosure statement for January 29th.

Movie Gallery plans to "ask the court to confirm the plan early in the second quarter and hopes to emerge from bankruptcy soon afterwards."

The plan will mainly involve converting debt owed to creditor Sopris Capital Advisors into equity in the reorganized company in which current CEO Joe Malugen will remain director while everyone else on the board is designated by Sopris.

Source:
Video Business

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