Live Entertainment Inc. said it would emerge from Chapter 11 bankruptcy proceedings today under a prepackaged reorganization plan approved last week by a Los Angeles federal Bankruptcy Court judge.
Live, a Van Nuys videocassette distributor and retailer, filed the bankruptcy petition on Feb. 2.
Live Chairman Anthony J. Scotti and David A. Mount, the company's president and chief executive, said in a joint statement that the reorganization plan "marks the last step in a financial restructuring process begun almost a year ago. We have reduced our public debt by $70 million and lowered our annual public dividend and interest costs by over $11 million."