SFX Entertainment has been granted initial approval to begin spending part of a $115 million bankruptcy loan.

A bankruptcy judge has granted the New York-based company access to $80m of the loan, which is being provided by junior bondholders that have worked with the firm on the terms of a restructuring agreement. It will be used to pay off senior lenders and provide $23m to cover operational expenses, reports the Wall Street Journal.

The EDM promoter, which is a ...