Edwin Watts Golf Shops gets interim access to lender's cash collateral

By Caroline Salls

Pittsburgh, Jan. 23 - Edwin Watts Golf Shops, LLC received interim court approval to use the cash collateral of its subordinated lender, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

The final hearing is scheduled for Feb. 20.

The company said it needs to use the cash collateral to keep performing its asset sale obligations, including the continuation of a store-closing sale, and to wind down its business.

The cash collateral use will terminate on the earlier of an event of default or Feb. 20, provided, however, that the subordinated lender will have the sole discretion to extend the cash use beyond those dates.

Edwin Watts Golf, a Fort Walton Beach, Fla.-based specialty golf retailer, filed for bankruptcy on Nov. 4. The Chapter 11 case number is 13-12876.

© 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.