Blockbuster wins court approval to draw from bankruptcy loan

Blockbuster, which filed for bankruptcy Thursday, won court permission to draw $20 million of a $125 million loan that will let it operate while it reorganizes to emphasize online rentals.The court approved the loan Thursday afternoon at a hearing in Manhattan. Blockbuster said it will only spend $10 million before Sept. 27. In its Chapter 11 filing, the company said that it had agreed with a group of bondholders on a plan of reorganization and secured the loan to finance operations in the meantime.In a Bloomberg report, Blockbuster CEO James Keyes said the chain has not made any decisions