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Sears has won some more time to save itself. But not a lot more time.At a bankruptcy court hearing Thursday, Judge Robert Drain approved Sears' plan to auction off about 500 stores. The auction is central to the company's mission to remain in business. Sears intends to use funds from the sale for its operations, and it will pay rent to the stores' buyers so they can stay open.A committee of Sears' creditors had objected to the plan and argued that the company should immediately start the process of going out of business to limit its ongoing losses.Judge Drain said he will hold another hearing a week before Christmas to consider whether to go ahead with Sears' effort to stay in business or start the process to close all its remaining stores. Drain said it wasn't realistic to start a liquidation process immediately."You can't do a GOB [going out of business] plan for a company this big by snapping your fingers," he said. "Let's come back to court [in December] and see what the lay of the land is."Sears' attorneys conceded was a chance the company might not be able to survive."We recognize we have a tough path ahead of us to save the company," said Sears attorney Ray Schrock. "We're not blind to that fact."Schrock said the upcoming holiday shopping season is a crucial period for Sears, and the company believes it will at least be able to break even in the fourth quarter.The creditors' attorney expressed doubts that the company will be able to stay in business. But he said they could live with waiting until December for a decision on Sears' future.Sears also disclosed in a filing late Wednesday that it has arranged for an additional 0 million loan to fund operations during the bankruptcy process. That loan is a crucial component of the company's ability to stay in business, according to a filing the company made on the first day of the bankruptcy process, but it has taken a month to lock-up the funding.The loan is from Great American Capital Partners, rather than ESL, the hedge fund controlled by Sears Chairman Eddie Lampert. When Sears first filed for bankruptcy, it said that it anticipated the loan would come from ESL, but creditors have objected to a the series of insider deals between Sears and Lampert. 2303
SAN YSIDRO, Calif. (KGTV) -- Part of Interstate 5 in San Ysidro will be closed overnight Monday as part of the San Ysidro Land Port of Entry Modernization and Expansion project.The third stage of the project opens the four westernmost lanes of the newly constructed I-5 southbound just south of the Camino De La Plaza Bridge. Southbound I-5 will be closed between SR-905 and the San Ysidro Port of Entry from 10 p.m. May 13, to 7 a.m. May 14. The Camino De La Plaza southbound I-5 on-ramp will also close during the same time period. Traffic will be detoured to southbound Interstate 805 freeway via SR-905. Additionally, two to three southbound I-805 lanes will be closed during the same time period to complete the transition. Everyone planning to travel in the area is advised to plan ahead for possible delays. 823
SAN YSIDRO, Calif. (KGTV) - New restrictions in place at the border designed to slow the spread of COVID-19 are also drastically slowing traffic.Some commuters reported waiting seven, eight, nine hours trying to cross into San Ysidro from Mexico over the weekend.A woman in her late 80's died Sunday while waiting in a car with family to cross into San Ysidro, according to reporting partner Televisa.Emilio Tamez owns three restaurants in the South Bay, including one in San Ysidro. Many of his employees live in Tijuana."They're just hurting more businesses, and they're hurting the people who are holding the economy right now," said Tamez.The U.S. Customs and Border Protection Agency started implementing the new measures Friday. They're designed to discourage people from traveling to Mexico for non-essential travel."You've got this, history of many decades of people going across for work purposes or for business purposes things that have nothing to do with leisure or tourism, these are people whose livelihood depends on the border, so you're affecting that large group of people," said Gustavo De La Fuente, executive director of the Smart Border Coalition.De La Fuente said he understands the move to an extent."In some cases, people should stay home, if you want to go into Ensenada or Rosarito for tourism purposes, right now is not the best time to do it," said De La Fuente.A spokesman with CBP sent 10News a statement, that reads in part:"According to the U.S Customs and Border Protection, a recent survey of more than 100,000 travelers on the southwest border found that the vast majority of cross-border travel by U.S. citizens and lawful permanent residents is for purposes that are not deemed essential. To respond to the ongoing public health crisis and protect local southwest border communities, CBP is taking measures to discourage non-essential travel to and from Mexico to limit the spread of COVID-19 in the United States. "Tamez said it's the people working the hardest who will suffer the most."I find it to be very cruel, these people already, before would have to get up 3 hours early just to get to a job here," said Tamez.Similar measures are in place in Tucson, El Paso, and Laredo Texas. The restrictions are expected to last until at least September 21st. 2302
Scientists are warning that a domino effect will kick in if global temperatures rise more than 2 degrees Celsius above pre-industrial levels, leading to "hothouse" conditions and higher sea levels, making some areas on Earth uninhabitable.The report, "Trajectories of the Earth System in the Anthropocene," published Monday in the American Proceedings of the National Academy of Sciences, said "hothouse" temperatures could stabilize 4 degrees to 5 degrees Celsius (39 to 41 Fahrenheit) higher than pre-industrial levels."Human emissions of greenhouse gas are not the sole determinant of temperature on Earth. Our study suggests that human-induced global warming of 2 degrees Celsius may trigger other Earth system processes, often called 'feedbacks,' that can drive further warming -- even if we stop emitting greenhouse gases," lead author Will Steffen of the Australian National University said. 911
SANTEE, Calif (KGTV) — The "sprayground" was inconveniently closed Tuesday as temperatures were expected to near 100 degrees in Santee Lakes. "I came the day before and it was 57 degrees," says Walter Frank of Santee. "But I don't mind that it's hot. It gets to 90 degrees, I'm great... I'll go run two miles."Not everyone agrees, and many people were out early trying to get their exercise in before it gets hot. A heat advisory is in effect until 5 p.m. Tuesday for the coast and valleys. On top of the heat, dry and gusty winds are expected in the inland and mountain areas of the county, elevating fire danger.It was 96 degrees in Santee Monday, with a high of 98 expected Tuesday and above average temperatures all week. In the morning, it was still cool enough to get a walk around the lake in, or participate in the other popular early morning activity: Fishing. Frank says he uses the early morning to meditate and pray as he walks, before heading indoors to beat the worst of the later-day heat. "That's why God invented air conditioning," he says. 1066