Movie Gallery Prepares Yet Another Bankruptcy Filing

Shares of Netflix, Inc. (NFLX) are up more than 20% today after the company posted strong quarterly earnings and an impressive outlook.



Meanwhile, Movie Gallery is preparing to file for bankruptcy. Again.



The Wall Street Journal reports (subscription required) that this latest restructuring could come next week, and involve the closure of two-thirds of the company's 1,800 locations. The company will seek to swap a significant amount of its $600 million debt load for equity, wiping out the current equity stakes held by Sopris Capital Advisors LLC and Aspen Advisors LLC.

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Movie Gallery Prepares Yet Another Bankruptcy Filing originally appeared on BloggingStocks on Thu, 28 Jan 2010 17:30:00 EST. Please see our terms for use of feeds.

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