Movie Gallery debtor-in-possession financing approved
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By Cindy Spielvogel -- Video Business, 11/15/2007
NOV. 15 | Movie Gallery has received final approval from the U.S. Bankruptcy Court in Richmond, Va., for its $150 million debtor-in-possession financing.
The financing, previously approved on an interim basis, is being arranged by Goldman Sachs Credit Partners.
It will be used to pay vendors and employees and provide operational and financial stability to Movie Gallery during its restructuring.
The bankruptcy court also granted Movie Gallery the authority to perform under its plan for restructuring through funding from Sopris Capital Advisors.
"We are confident that Sopris' support and the approval of our DIP financing will significantly accelerate Movie Gallery's emergence from bankruptcy protection," chairman and CEO Joe Malugen said in making the announcement.
The company filed for bankruptcy Oct. 16.