Lenders give Movie Gallery more time

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Video rental firm Movie Gallery Inc. on Thursday said some senior lenders agreed not to exercise their rights arising from the company's defaults under a credit facility until Aug. 27. CEO Joe Malugen said Movie Gallery continues to work with lenders and plans to operate normally "as we work through this challenging period." The company has struggled with about $1.1 billion of debt since acquiring larger rival Hollywood Video in 2005.
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