Boscov's Credit Pact Sale OK'd Despite Bank Protest

Law360, New York (November 24, 2008, 12:00 AM EST) -- A bankruptcy court has rejected the objection of banking conglomerate HSBC to bankrupt discount department store Boscov's Inc.'s bid to sell a credit card agreement as part of the sale of its assets, ruling that the bank is using the objection as leverage to renegotiate the terms of the agreement.

In an opinion handed down Friday in the U.S. Bankruptcy Court for the District of Delaware, Judge Kevin Gross overruled HSBC Nevada NA's objection and approved the contract for credit card processing and the assumption of...
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