L&L Wings gets further interim approval to access cash collateral

By Sarah Lizee

Olympia, Wash., June 21 – L&L Wings, Inc. received further interim approval to use cash collateral in which TD Bank may assert a security interest under a pre-petition line of credit arrangement, according to a third interim order filed Monday with the U.S. Bankruptcy Court for the Southern District of New York.

During the Chapter 11 case, it is anticipated that the debtor will seek to continue financing under a modified lien of credit arrangement subject to further documentation and application to the court.

The cash collateral use is necessary in order for the debtor to sustain operations and pay ongoing overhead and necessary expenses throughout the course of the Chapter 11 case, as previously reported.

A further hearing is scheduled for Aug. 5.

The New York-based beachwear and beach sundry items retailer filed bankruptcy on April 24 under Chapter 11 case number 21-10795.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.