Movie Gallery gets approval to use cash collateral to fund operations

By Caroline Salls

Pittsburgh, Feb. 25 - Movie Gallery, Inc. has received final court approval to use the cash collateral of its pre-bankruptcy secured lenders to fund its operations while in bankruptcy, according to a Wednesday filing with the U.S. Bankruptcy Court for the Eastern District of Virginia.

The company will have access to the cash collateral under a series of budgets that will include 13-week cash forecasts.

Movie Gallery, a Wilsonville, Ore.-based video and game rental company, filed for bankruptcy on Feb. 2. Its Chapter 11 case number is 10-30696.

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