Judge Hits Play On Movie Gallery Liquidation Plan

Law360, New York (October 29, 2010, 2:33 PM EDT) -- A bankruptcy judge has given the green light to Movie Gallery Inc.'s blueprint for liquidation, signing off on a Chapter 11 plan that will allow the once high-flying video rental company to shutter its operations.

Judge Douglas O. Tice Jr. of the U.S. Bankruptcy Court for the Eastern District of Virginia on Thursday approved the debtor's liquidation plan, which will siphon most of the company's assets to secured creditors.

The plan provides for the full reimbursement of holders of allowed administrative claims and priority claims and...
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