Movie Gallery looks to sync exclusive period with term sheet deadline

By Caroline Salls

Pittsburgh, May 17 - Movie Gallery, Inc. requested an extension to its exclusive periods to file a plan of liquidation and solicit votes on the plan, according to a Monday filing with the U.S. Bankruptcy Court for the Eastern District of Virginia.

The company wants to extend its exclusive filing period to Aug. 1 from June 2 and the solicitation period to Sept. 30 from July 31.

Movie Gallery said it has reached an agreement with its major stakeholders to file a plan by June 21.

Without the extension, the company said the exclusive filing period would expire before the deadline set in the term sheet, "presenting a risk of undue interference and disruption to the confirmation process and the consensual framework that has been struck in these cases."

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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