Carpetright, the struggling floor coverings retailer, said today it has obtained a £15m shareholder loan to provide interim funding before a proposed £60m equity capital raising.
The loan is the second one provided by Meditor European Master Fund Limited, Carpetright's biggest shareholder with just under 30% of the company.
Meditor loaned Carpetright £12.5m in March.
Carpetright confirmed it expected to launch the equity raise on or around May 18.
Last month creditors and shareholders of Carpetright backed a restructuring plan that involves 92 store closures and up to 300 job losses.
Five of the company's stores in Northern Ireland are due to close, including its outlets in Bangor, Belfast (Newtownabbey), Coleraine, Ballymena and Derry.
Carpetright has 20 stores in the Republic, including stores in Dublin, Limerick, Mullingar, Athlone, Tralee, Killarney, Waterford, Wexford and Cork.