Movie Gallery Launches Ch. 11 Plan

Law360, New York (July 14, 2010, 6:47 PM EDT) -- Moving ahead with its Chapter 11 liquidation, Movie Gallery Inc. has proposed a reorganization plan that would see the company funneling $5 million into a liquidating trust meant to at least partially reimburse general unsecured creditors as the movie rental chain continues to wind down its operations.

Under the proposed liquidation plan, filed Tuesday in the U.S. Bankruptcy Court for the Eastern District of Virginia, holders of unsecured claims against the debtors will be provided “some recovery,” even though the claims of many of the debtors’...
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