K-V Pharmaceutical seeks approval of interim access to cash collateral

By Caroline Salls

Pittsburgh, Aug. 8 - K-V Pharmaceutical Co. is seeking interim court approval to use cash collateral to fund its operations while in bankruptcy, according to a filing with the U.S. Bankruptcy Court for the Southern District of New York.

The K-V debtors collectively had $40.1 million of cash and cash equivalents when they filed for bankruptcy, including $8.7 million of excluded cash.

The company's "requisite consenting noteholders" have agreed to the cash collateral use, the filing said.

A hearing is scheduled for Aug. 9.

K-V Pharmaceutical, a St. Louis specialty pharmaceutical company, filed for bankruptcy on Aug. 4. The Chapter 11 case number is 12-13346.

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