Bankruptcy Court approves Movie Gallery plan

FEB. 6 | The U.S. Bankruptcy Court has approved the disclosure statement for Movie Gallery's reorganization plan.

The judge’s approval means Movie Gallery can now solicit votes from its creditors, many of whom have already agreed to support the plan.

Deadline for votes and objections to the plan is March 24.

A court hearing to confirm the plan will take place April 9, and the company expects to then emerge from Chapter 11.

Movie Gallery, which also just announced about 400 more store closings, filed for bankruptcy in October.

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