M*Modal cash collateral use extended, cap increased to $40.4 million

By Caroline Salls

Pittsburgh, April 15 - M*Modal Inc.'s interim cash collateral use has been extended and the cash collateral cap increased to $40.4 million, according to a Tuesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The interim cash use period will now expire on the earlier of 11:59 p.m. ET on May 7 and the entry of a debtor-in-possession financing order.

Counsel to the company's pre-bankruptcy agent and consenting noteholders consented to the extension in connection with a plan support agreement.

A status conference on the final cash collateral order is scheduled for May 6.

M*Modal, a Franklin, Tenn.-based provider of clinical documentation services, filed for bankruptcy March 20. The Chapter 11 case number is 14-10701.

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