Movie Gallery may file bankruptcy in two weeks

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Bloomberg reports current shareholders could get 5% stake

By Cindy Spielvogel -- Video Business, 10/11/2007

OCT. 11 | A report from Bloomberg yesterday cited “people with direct knowledge of company’s plans” as saying Movie Gallery may file bankruptcy within two weeks under an agreement that won’t completely wipe out existing shareholders.

Bondholders would get 95% of the shares, while existing shareholders would get the remaining 5%, according to the story.

An Oct. 5 report posted by the Wall Street Journal said Movie Gallery will file for bankruptcy soon, although other sources indicated the company still has options open and that either way, current stockholders could still have some shares.

Movie Gallery officials did not comment.