Diamond Sports gets final approval to access cash collateral

By Sarah Lizee

Olympia, Wash., May 9 – Diamond Sports Group, LLC received final approval to access cash collateral, according to an order filed Tuesday 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.

Wilmington Savings Fund Society, FSB is the administrative and collateral agent.

The order provides adequate protection to first- and second-lien lenders.

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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