Outdoor wear retailer Blacks Leisure Group has announced that the statutory challenge period for its company voluntary arrangements (CVAs) has now expired and they have become effective.

It follows an announcement last month that the necessary creditors' and members' meetings had approved the CVAs with landlords.

Blacks has also announced today (22 December) that conditions precedent to new GBP42.5m bank facilities with Bank of Scotland have now been satisfied. The company has issued warrants to the bank entitling them to subscribe for 2,131,905 ordinary shares in the company at an exercise price of 1p per share, it said.

Separately, Blacks is rumoured to have reported sporting goods retailer Sports Direct to the Financial Services Authority (FSA) for an issue related to its 29.9% stake in the business. Blacks spokespeople were unavailable to comment further.