Retailer Sports Authority Holdings Inc. received court approval on Thursday to use a portion of its $595 million bankruptcy loan and to begin liquidating a number of its stores.
At a hearing in U.S. Bankruptcy Court in Wilmington, Del., Judge Mary Walrath said the company could use up to $275 million of its bankruptcy loan.
The loan, provided by existing lenders led by Bank of America Corp. and Wells Fargo & Co., and the companys proposed going-out-of-business sales have met with some objections from the governments bankruptcy watchdog and landlords, however.
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