US court allows LIV Golf access to $14 million in financing
A US bankruptcy court has granted interim approval to the first motions filed by the professional men's golf league LIV Golf as part of Chapter 11 proceedings. The decision gives the league access to $14 million in debtor-in-possession financing.
LIV Golf announced the court's decision on Thursday, September 10. According to Channel NewsAsia, citing Reuters, the court approved motions filed on the first day of the Chapter 11 proceedings.
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Access to financing
The interim approval allows the league to obtain $14 million in financing as part of the bankruptcy proceedings. This concerns debtor-in-possession financing, referred to in the statement as DIP financing.
League recapitalization
The decision also enables LIV Golf to continue working on its recapitalization plan. According to the source, this plan is supported by BC Partners Credit. The report does not specify further timelines for consideration of the case or the conditions for final approval of the motions.
