Movie Gallery Emerges From Chapter 11

Law360, New York (May 21, 2008, 12:00 AM EDT) -- Movie Gallery Inc. fulfilled its restructuring forecasts Tuesday, announcing its emergence from Chapter 11 bankruptcy protection several weeks after the court approved the video-rental retailer's reorganization plan.

The U.S. Bankruptcy Court for the Eastern District of Virginia confirmed the company's restructuring plan on April 9, clearing the way for Tuesday's breakthrough, which included securing its $100 million exit financing facility.

The Dothan, Ala.-based video chain named seven directors to the board, as well as the successor to departing President and Chief Executive Officer Joe Malugen –...
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