Core Entertainment Inc., the company behind the “American Idol” TV series, won approval from a bankruptcy judge on Friday to tap its lenders’ cash and move forward with its chapter 11 proceedings, the Wall Street Journal reported today. Bankruptcy Judge Stuart Bernstein approved Core’s first-day motions, including paying its employees and its taxes. Core, as well as Los Angeles-based 19 Entertainment Ltd., and related companies that own and produce content for the global “American Idol” franchise, and “So You Think You Can Dance,” and “Prison Wives,” sought chapter 11 protection on Wednesday. The company has yet to secure a bankruptcy loan, but it is still negotiating with its lenders, Core’s lawyers said in court on Friday.
