Movie Gallery Reportedly Headed Back Into Ch. 11

Law360, New York (January 28, 2010, 4:04 PM EST) -- Less than two years after emerging from bankruptcy protection, Movie Gallery Inc. is reportedly planning a sequel to its first Chapter 11 filing.

The movie and game rental chain is on the verge of filing for Chapter 11 protection, possibly as early as next week, the Wall Street Journal reported Thursday.

Movie Gallery is currently negotiating with creditors about a prepackaged bankruptcy in a bid to keep its stay under court protection as short as possible, people close to the situation told the Journal. The negotiations...
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