Monitor Group expects consensual cash collateral use through March 31

By Jim Witters

Wilmington, Del., March 4 - Monitor Co. Group LP expects to file a proposed third interim order by March 8 extending its use of its lenders' cash collateral through the end of the month, attorneys told the court during a March 4 hearing in the U.S. Bankruptcy Court for the District of Delaware.

Monitor attorney David M. Fournier said all obligations to first-lien lender Bank of America, NA, have been satisfied.

Norman L. Pernick, attorney for the official committee of unsecured creditors, said the committee is negotiating with Caltius Partners IV, LP on allocation issues.

Once the issues with Caltius are resolved, the committee and the debtors will determine the remainder of the wind-down process, Pernick said.

As previously reported, the company completed the sale of substantially all of its assets to Deloitte Consulting LLP.

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

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