Court OKs Movie Gallery's disclosure of reorganization plan

Feb 5 (Reuters) - Movie Gallery Inc MOVIQ.PK, which has filed for Chapter 11 bankruptcy protection, said the U.S. bankruptcy court of Virginia approved the disclosure statement of its proposed reorganization plan and authorized it to begin soliciting votes on the plan. The video rental company, which filed the reorganization plan in December last year, said it expects to emerge from Chapter 11 early in the second quarter of 2008.

The bankruptcy court would consider approval of the plan at a confirmation hearing scheduled for April 9. (Reporting by Esha Dey in Bangalore; Editing by Pratish Narayanan)