Movie Gallery to convert debt into stock
Plan for conversion of $130 million to $205 million
By Cindy Spielvogel -- Video Business, 9/12/2008
SEPT. 12 | Movie Gallery debt holder Sopris Capital Advisors wants to convert $130 million to $205 million of the retail chain's first lien debt into equity, according to a filing with the Securities and Exchange Commission.
The transaction, which is expected to close by Oct. 6, would convert the debt into common stock at $10 per share.
Sopris earlier had converted some second lien debt into equity as part of the restructuring that allowed Movie Gallery to emerge from bankruptcy.
© 2009, Reed Business Information, a division of Reed Elsevier Inc. All Rights Reserved.