Pursuits
Blockbuster, Bear Island, Thompson, CBGB: Bankruptcy
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Blockbuster Inc., the movie rental chain, received interim approval from a bankruptcy judge yesterday for $45 million in financing from a promised loan that will grow to $125 million at the final hearing on Oct. 19.
The judge also granted interim authority to pay $28 million toward the pre-bankruptcy claims of Twentieth Century Fox Home Entertainment, Warner Home Video Inc. and Sony Pictures Home Entertainment, which are owed $68.5 million secured by assets of the Canadian subsidiary. The judge also gave interim approval to paying another $12.4 million to movie suppliers whose support is deemed critical.