Court Approves Movie Gallery's Reorganization Plan

Law360, New York (April 10, 2008, 12:00 AM EDT) -- A federal court approved Movie Gallery Inc.'s plan of reorganization Wednesday, clearing the way for the nationwide video-rental retailer to emerge from bankruptcy as soon as next month.

The U.S. Bankruptcy Court for the Eastern District of Virginia confirmed Movie Gallery's second amended plan of reorganization, days after the company announced its creditors had overwhelmingly endorsed it.

"The court's confirmation of our plan is a major milestone for Movie Gallery," said Joe Malugen, the president and chief executive officer, in a press release Wednesday.

The success...
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