Lake Las Vegas granted access to $1.1 million of cash collateral

By Caroline Salls

Pittsburgh, July 24 - Lake Las Vegas has received court approval to use up to $1.1 million of cash collateral to continue its day-to-day operations, according to a company news release.

Specifically, the company said the cash collateral will be used to fund its payroll and critical repairs to the Las Vegas Wash bypass conduit.

In addition, the court approved the continuance of customer programs, including unexpired pre-bankruptcy gift certificates, gift cards and golf coupons; deposit return policies for golf, catering and related services; pro shop merchandise refunds and exchanges.

The U.S. Bankruptcy Court for the District of Nevada also scheduled a hearing for Aug. 4 to consider approval of Lake Las Vegas' $127 million debtor-in-possession financing.

Lake at Las Vegas Joint Venture, LLC, a 3,592-acre master-planned residential and resort community adjacent to Lake Mead National Recreational Area and 20 miles east of the center of Las Vegas, filed for bankruptcy on July 17. The joint venture's Chapter 11 case number is 08-17814.

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