Blockbuster reaches deal for sale, seeks more bids

Movie rental chain Blockbuster Inc. said on Monday it signed a $290 million deal to be brought out of bankruptcy by a group of investors.

The offer from Cobalt Video Holdco LLC is a so-called “stalking horse” bid, which Blockbuster hopes will attract other bidders who will offer more.

The Cobalt group includes funds managed by Monarch Alternative Capital LP, Owl Creek Asset Management LP, Stonehill Capital Management LLC and Varde Partners Inc. They all hold secured Blockbuster debt, so they stand to benefit if someone else buys the company for more than the amount they paid.

Credit-card default rate at 15-year low, agency says

Consumers used more plastic during the holiday season without ballooning their balances, and the delinquency rate for credit-card accounts fell to its lowest point in 15 years. That’s a positive combination reflected in the latest quarterly analysis from the credit reporting agency TransUnion.

The company also noted that the number of new credit cards issued during the last three months of 2010 increased by 19 percent over the same period in 2009. It was just the second straight quarter when more cards were issued. That hasn’t happened since late 2007.

The data is drawn from 27 million anonymous TransUnion credit reports, which represents about 10 percent of the company’s database.

Mexico’s economy posts biggest gain in a decade

Mexico’s economy grew 5.5 percent in 2010, the highest increase in a decade.

The National Statistics Institute said Monday that economic growth in 2010 was driven by production increases in several areas.

The institute said the manufacturing sector grew 6.1 percent, agriculture expanded 5.7 percent and the services industry increased 5 percent in 2010.

The 5.5 percent growth in 2010 is the biggest since 2000, when Mexico’s GDP grew by 6 percent.