Black News Channel has won a federal judge’s permission to borrow desperately needed funds from its owner so the troubled media outlet can keep operating while it searches for a buyer.
U.S. Bankruptcy Judge Karen Specie said in a hearing Tuesday she’d let the television network borrow about $1.6 million from an entity affiliated with Shahid Khan, the billionaire who has been financing BNC since 2018. The cash will let BNC keep paying vendors and its few remaining employees while it tries to quickly line up a buyer for the operations.
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SOURCE: Bloomberg, Jeremy Hill