Court Frees $50M, OKs Advisers In Movie Gallery Ch. 11

Law360, New York (February 4, 2010, 1:30 PM EST) -- A day after filing for Chapter 11 protection, Movie Gallery Inc. has received permission from the bankruptcy court to hire several consulting firms to assist with the proceeding and to spend nearly $50 million to meet outstanding obligations to employees, shippers and customers.

The slew of orders granted Wednesday by Judge Diana Morehead of the U.S. Bankruptcy Court for the Eastern District of Virginia will facilitate claims handling for a potentially massive roll of creditors, maintain customer goodwill and trim unwanted properties, the Wilsonville, Ore.-based Movie...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.