Forest Park requests court authorization to use cash collateral

By Mark Reccek

Bethlehem, Pa., Dec. 23 – Forest Park Realty Partners III LP requested court approval to use the cash collateral of its lenders, according to a motion filed Tuesday with the U.S. Bankruptcy Court for the Northern District of Texas.

Forest Park Dallas and Forest Park Fort Worth are the borrowers under the Sabra Health Care REIT, Inc. mortgagee and construction loans.

The company said the use of Sabra’s cash collateral is necessary for the continued operation of the Forest Park Dallas properties. The company also said without the cash collateral it will not be able to pay operating expenses and make the purchases necessary for carrying on the business.

“The debtors’ ability to use Sabra’s cash collateral is vital to the confidence of the debtors’ vendors and suppliers of the goods and services and to the preservation and maintenance of the going concern value of the debtors’ estates,” the motion said.

The Dallas-based borrowers filed for bankruptcy on Nov. 30. The Chapter 11 case number is 15-34815.

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