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.