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Prospect News home > News index > List of issuers M > Headlines for Movie Gallery Inc. > News item
Published on 10/16/2007 in the Prospect News Bank Loan Daily, Prospect News Distressed Debt Daily and Prospect News High Yield Daily.

S&P cuts Movie Gallery

Standard & Poor's said it lowered the ratings on Movie Gallery Inc.'s first-lien and senior unsecured debt ratings to D from CC after the company filed for Chapter 11 bankruptcy.

S&P said it previously lowered the corporate credit and second-lien term loan ratings to D when the company failed to make the required interest payment on the second-lien term loan.

The company said it agreed to the terms of a restructuring plan with Sopris Capital Advisors LLC, a private investment fund.


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