The company voluntary arrangements approved by the creditors and shareholders of Blacks Leisure Group last month are now in effect, as the time frame in which they could be challenged has passed. The company has also satisfied conditions allowing it to obtain new credit facilities with the Bank of Scotland worth £42.5 million (€47.3m-$68.0m), and Blacks has issued warrants to the bank allowing it to subscribe for more than 2.1 million ordinary shares at an exercise price of 1 pence per share.