K-V Pharmaceutical granted final approval of use of cash collateral

By Jim Witters

Wilmington, Del., Sept. 14 - K-V Pharmaceutical Co. won final approval for continued use of nearly $50 million of cash collateral, according to a Sept. 14 filing with the U.S. Bankruptcy Court for the Southern District of New York.

The approval came over the objection of the official committee of unsecured creditors, which claimed the interim order contained provisions giving the senior noteholders undue control over the cases.

The order allows the K-V debtors access to $40.1 million of cash and cash equivalents and $8.7 million of excluded cash.

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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