Movie Gallery extends forbearance agreement with first-lien loan lenders

By Sara Rosenberg

New York, Aug. 16 - Movie Gallery Inc.'s first-lien credit facility lenders have agreed to extend their forbearance agreement until Aug.27 from Aug. 14 regarding exercising rights and remedies arising from existing defaults, according to a news release.

"Despite the challenging market conditions for Movie Gallery and the entire rental industry, we are continuing to work with our lenders and our outside advisors to help address the company's current financial situation. We plan to continue to operate the company without interruption as we work through this challenging period," said Joe Malugen, chairman, president and chief executive officer, in the release.

Movie Gallery is a Dothan, Ala.-based video rental company.

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