Shift Technologies receives approval to use cash collateral

By Sarah Lizee

Olympia, Wash., Nov. 15 – Shift Technologies Inc. received approval to use cash collateral, according to an order filed Tuesday with the U.S. Bankruptcy Court for the Northern District of California.

Ally Bank and Ally Financial Inc. have an interest in the collateral.

The court said the access to cash collateral is in the best interests of the debtors, their creditors and their estates and is essential for the continued operation of the debtors’ businesses.

Shift Technologies is a San Francisco-based used car e-commerce platform. The company filed bankruptcy on Oct. 9 under Chapter 11 case number 23-30687.

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