NEW YORK Eastman Kodak Co won court permission on Wednesday to retain exclusive control of its bankruptcy case through February 28 as it tries to execute a $ 793 million financing offer from a group of bondholders. Judge Alan Gropper approved the extension at a hearing in a U.S. Bankruptcy Court in Manhattan, allowing Kodak to move forward with its plan without creditors pushing competing proposals. The plan would outline how to repay creditors and exit bankruptcy. The extension was supported by most creditors. It was opposed by a group of bondholders, some of whom had made an unsuccessful effort [...]
Consumer confidence rose in October to its highest in more than four years, according to a private sector report released on Thursday. The Conference Board, an industry group, said its index of consumer attitudes gained to 72.2 from a downwardly revised 68.4 in September. It was the highest level since February 2008, though it came in shy of economists’ estimates for 72.5. September was originally reported as 70.3.
Consumer spending got off to a fairly firm start in the third quarter, rising by the most in five months, offering hope economic growth could pick up this quarter. The Commerce Department said on Thursday consumer spending increased 0.4 percent after a flat reading in June. Last month’s rise in consumer spending, which accounts for 70 percent of U.S. economic activity, was in line with economists’ expectations. When adjusted for inflation, consumer spending increased 0.4 percent, also the largest increase since February. Real consumer spending dipped 0.1 percent in June and last month’s increase was an encouraging sign after consumption [...]