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Published on 2/4/2020 in the Prospect News Distressed Debt Daily.

API Americas secures interim court approval to use cash collateral

By Caroline Salls

Pittsburgh, Feb. 4 – API Americas, Inc. obtained court approval to access the cash collateral of its pre-bankruptcy lender agent on an interim basis, according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

The final hearing is scheduled for Feb. 26.

The cash collateral will be used to fund the company’s operations while in bankruptcy.

The cash collateral use will expire on the earlier of April 30 and the occurrence of a termination event.

API is a Lawrence, Kan.-based foils and laminates manufacturer. The company filed bankruptcy on Feb. 2 under Chapter 11 case number 20-10239.


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