Retail Industry
Industry: Email Alert RSS FeedIngram, VPD emerge in Video City's future.(Ingram Entertainment Inc., Video Products Distributors Inc.)(Brief Article)
Video Business, July, 2001 by Wilson, Wendy
LOS ANGELES--Video City's plan to emerge from Chapter 11 bankruptcy protection was approved in court last week, but VPD and not Ingram Entertainment will be the troubled chain's source for rental and sell-through product going forward. Ingram was Video City's largest unsecured creditor and now will be one of the company's largest shareholders--perhaps its largest--as a result of receiving stock giving it a 15% to 20% stake in the rentailer as payment for the almost $15 million owed.
Despite Ingram's equity position in the chain, Video City was unable "to come to terms with Ingram" for trade credit, Video City attorney Martin Brill said. During a July 10 hearing in U.S. Bankruptcy Court in the Central District of California, Brill told Judge Thomas B....
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