Bankruptcy Reorganization Chapter 11

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Bankruptcy Reorganization Chapter 11

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October 16, 2007

Court Approves Movie Gallery Disclosure Statement

U{PDATE:  The United states Bankruptcy Court approved the debtors' disclosure statement on Feb 5.

UPDATE: Movie Gallery, Inc. submitted a Plan of Reorganization with the United States Bankruptcy Court on Saturday, December 22nd.  The Plan and accompanying Disclosure Statement call for a conversion of the $325 million 11% senior notes and other unsecured claims and $72 million of the $175 million second lien indebtedness into new equity. The Plan provides for a commitment by Sopris Capital Advisors LLC to backstop a $50 million equity rights offering to be made available to eligible 11% senior noteholders.  The debtor's first lien indebtedness and remaining second lien indebtedness would remain in place on restructured terms.  Existing shares of the debtor's common stock would be cancelled.   

Movie Gallery, Inc. and five related entities filed for chapter 11 bankruptcy protection today at the United States Bankruptcy Court in Richmond, VA.  The Alabama retailer's court filing lists almost $892 million in assets and about $1.42 billion in liabilities.  The Company is the second largest North American home entertainment speciality retailer with approximately 4,600 stores.


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