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Economy Briefs: Texas utility settles with creditors
HOUSTON — Utility company Dynegy Inc. said Wednesday that it reached an agreement with creditors that will allow the company to move forward with bankruptcy proceedings for one of its subsidiaries.
The agreement ends disputes over $2.5 billion in claims related to Dynegy Holdings LLC. The agreement will be filed as a settlement in the Dynegy Holdings Chapter 11 bankruptcy case, and must still be approved by the court and agreed to by other creditors who have not yet signed on to the deal. Dynegy Holdings LLC and four of its subsidiaries filed for bankruptcy protection on Nov. 7, with a plan to restructure $4 billion in debt.
Dynegy CEO Robert Flexon said the settlement could end legal disputes that might have dragged on for years. He said the company is now on track to put the Dynegy Holdings Chapter 11 case behind it during the third quarter.
Dynegy, based in Houston, operates power plants and sells electricity on the open market. It has struggled for years with falling electricity prices and infighting among investors over competing takeover offers. Its credit ratings have suffered as well.
British online service to carry Disney film
LOS ANGELES — British online movie service Blinkbox will start carrying Disney movies, many of them for rent on the same day they are released for sale.
Included in the deal announced Wednesday is “War Horse,” the Steven Spielberg-directed movie distributed by the Walt Disney Co. It was released Tuesday for sale on disc.
Disney has allowed movies to be rented online on the same day they are released for sale as DVDs or Blu-ray discs.
“War Horse,” for example, was also available to rent online at Amazon.com in the U.S. It was also available from Netflix as a mail-order disc or from cut-rate rental kiosk Redbox. Blinkbox isn’t available in the U.S.
British supermarket chain operator Tesco PLC bought Blinkbox last year.
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