(RTTNews) - Shares of Global Eagle Entertainment Inc. (ENT) gained nearly three-fold on Friday morning. The company said it received court approval for "first day" motions to support business operations.
ENT is currently trading at $5.89, up $3.79 or 180.48%, on the Nasdaq.
Global Eagle Entertainment said it has received interim approvals from the U.S. Bankruptcy Court for the District of Delaware for the "First Day" motions related to the company's voluntary Chapter 11 petitions filed on July 22, 2020.
The approvals will help the company's day-to-day operations continue without interruption during the court-supervised process.
The company intends to use this process to facilitate the proposed sale of the business to an investor group comprising approximately 90% of Global Eagle's first-lien term loan holders.
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