HSBC Objects To Boscov's Sale Of Credit Card Deal

Law360, New York (October 23, 2008, 12:00 AM EDT) -- A unit of banking conglomerate HSBC on Tuesday objected to bankrupt department store Boscov's Inc.'s bid to sell a credit card agreement to Regio BDS, a subsidiary of Philadelphia private equity investment firm Versa Capital Management.

In a motion filed in the U.S. Bankruptcy Court for the District of Delaware, HSBC Nevada NA argued that the financing agreement between the bank and Boscov's, which provided loans to back up Boscov's credit cards, cannot be transferred to another entity under existing bankruptcy law.

“HSBC has no desire...
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