Chain wins more time to reorganize
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Movie Gallery Inc., the video-rental chain that filed for Bankruptcy Court protection three months ago amid competition from Blockbuster Inc. and Netflix Inc., won more time to seek creditor approval of its exit plan.
U.S. Bankruptcy Judge Douglas Tice Jr. in Richmond, Va., extended the deadline by four months to Aug. 13, according to court papers. Without the extension, other parties in the case could submit rival plans for restructuring more than $1 billion in debt.
Movie Gallery, based in Dothan, Ala., said its key creditors agreed to support the reorganization plan the company filed in December.
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