Diamond Sports gets interim approval to access cash collateral

By Sarah Lizee

Olympia, Wash., March 17 – Diamond Sports Group, LLC received interim approval to access cash collateral, according to an interim order filed Thursday with the U.S. Bankruptcy Court for the Southern District of Texas.

As previously reported, a majority of the company’s first-lien lenders have agreed to Diamond’s consensual use of cash collateral during the Chapter 11 cases.

At this time, the company doesn’t expect having to seek debtor-in-possession financing. The company has about $425 million of cash on hand to fund its business and a restructuring.

A final hearing on the cash collateral use is scheduled for April 13.

Diamond Sports Group is an independently managed and unconsolidated subsidiary of Sinclair Broadcast Group. Diamond owns the Bally Sports Regional Sports networks, a provider of local sports. The Baltimore-based company filed Chapter 11 bankruptcy on March 14 under case number 23-90116.

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