Former Monitor Group wins OK to use cash collateral to fund wind down

By Jim Witters

Wilmington, Del., Nov. 4 - The Chapter 7 trustee for MCG LP, formerly Monitor Co. Group LP, received approval for an agreement with Caltius Partners permitting the use of cash collateral to fund the wind-down of the case, according to a Nov. 4 filing with the U.S. Bankruptcy Court for the District of Delaware.

The stipulated agreement provides enough funding for trustee Alfred T. Giuliano to implement the terms of the global settlement reached between the official committee of unsecured creditors and Caltius Partners IV, LP, Caltius Partners Executive IV, LP and CP IV Pass-through (Monitor), LP.

As previously reported, the global settlement approved by the court in August opened the path for conversion of the case to Chapter 7 from Chapter 11 following the sale of substantially all of Monitor's assets.

Caltius retains a lien on the debtors' interest in the wind-down account.

Monitor, a Cambridge, Mass.-based strategy consulting firm, filed for bankruptcy on Nov. 7, 2012. Its Chapter 11 case number is 12-13042.

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