Blockbuster wins court permission to take bankruptcy loan
New York City U.S. Bankruptcy Judge Burton Lifland in New York approved a loan on Wednesday that will allow Blockbuster to pay film studios’ claims and take an amended $125 million loan to fund operations in bankruptcy.
According to a Bloomberg report, the court approved the loan after it was changed to meet objections from creditors and landlords. New terms require Blockbuster to have a business plan approved by secured lenders on Nov. 30, the same day a description of the company’s reorganization terms is due.
In addition, pre-bankruptcy lenders won’t get potential proceeds from certain lawsuits, and the amount of pre-bankruptcy debt that lenders can roll into the new loan was cut to $125 million from $250 million.
The court also approved paying movie studios amounts owed before Blockbuster filed for bankruptcy. In court papers, Blockbuster estimated it owed $68.5 million to studios that were secured lenders and $49.6 million to others.
Sears store takes second place in EPA contest
HOFFMAN ESTATES, Ill. Sears Holdings announced that the Sears store in Glen Burnie, Md., won second place in the U.S Environmental Protection Agency’s (EPA) first-ever National Building Competition. The competition challenged teams from fourteen buildings across the country to measure their energy use and work off the waste with help from the EPA’s ENERGY STAR program.
According to Sears Holdings, the Glen Burnie store achieved 31.7% reduction in energy use, $45,612 savings on its energy bills and reduced its carbon footprint by more than 272 metric tons of carbon dioxide.
“We are extremely proud of the Glen Burnie team, but this is just one example of our many sustainability initiatives,” said Bruce Johnson, interim president and CEO. He added, “Sears Holdings is committed to continuing to explore new ways to conserve natural resources and reduce waste while also saving money. We are proud of the strides we’re making and our efforts toward becoming a green company.”
Survey: DROID, iPad among hot holiday gadgets
LOS ANGELES According to a new PriceGrabber survey the Motorola DROID smartphone, Apple iPad and Xbox 360 will be among the most sought-after gadgets this holiday season.
“Shoppers have become very smart over the past few years, forcing intense rivalry among popular manufacturers. This year, we expect to see an uptick in product wars and especially fierce competition around new product releases in the categories of mobile phones, tablets, DSLR cameras and 3-D televisions,” stated Laura Conrad, president of PriceGrabber. “We expect all of the products on the PriceGrabber top products list to succeed in winning the consumer dollar during the 2010 holiday shopping season.”
Other hot gadgets for 2010, according to PriceGrabber include the Canon EOS Rebel DSLR camera, the Samsung 55-inch 3-D LED television and the Apple TV.