Movie Gallery Inc. (fka MVGRQ)

[Teammoga]

Movie Gallery Expects To Emerge From Chapter 11 Early In 2Q
Wednesday 04/09/2008 6:02 PM ET - Dow Jones News

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MOVIQ 0.01 25.00%

As of 11:01 AM ET 5/6/08
DOW JONES NEWSWIRES
Movie Gallery Inc. said a federal bankruptcy court approved its reorganization plan and the company expects to emerge from Chapter 11 bankruptcy early in the second quarter.
The Dothan, Ala., video-rental chain previously announced that its reorganization plan includes a $100 million exit-financing facility; conversion of about $72 million of the company's $175 million second lien indebtedness; conversion of its $325 million 11% senior notes and most other general unsecured claims into new equity; and a commitment by Sopris Capital Advisors to invest an additional $50 million to purchase new equity.
-Adam O. Manzor; 201-938-5400; [e-mail]

(END) Dow Jones Newswires
04-09-08 1802ET
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