Sports Authority has negotiated a agreement with lenders that will allow its liquidation process to continue. According to a court documents, GOB sales would have ended Friday without the agreement.
Under the agreement, lenders will take $71 million of the $240 million they’re owed, providing Sports Authority access to cash to cover liquidation costs. This includes payment in full for vendors that shipped goods after the March Chapter 11 filing, payments to bankruptcy professional fees, and an 85 percent payment to landlords.
Other court documents reveal that lenders have agreed to some $2.85 million in bonuses to senior executives; four top executives will get some $1.5 million of that, according to the Wall Street Journal.
