Solavei asks court to allow use of cash collateral through September

By Kali Hays

New York, June 30 – Solavei, LLC is seeking a final approval for the use of cash collateral of its pre-bankruptcy lender Opus Bank through Sept. 30, according to a Friday motion with the U.S. Bankruptcy Court for the Western District of Washington.

As previously reported, Solavei obtained interim access to the cash collateral June 16 to fund the ongoing operation of business while in bankruptcy.

As part of the cash collateral, the company proposed the establishment of a fund to secure payment to professionals employed by the company and its unsecured creditors committee that will be maintained by its bankruptcy counsel, Bush Strout & Kornfeld LLP, according to the motion.

Opus Bank has agreed to monthly payment to the professional fund not to exceed $50,000.

Solavei has also agreed to provide the court, Opus Bank and T-Mobile, which provides it mobile service on a wholesale basis, a weekly report of its business operations.

A final hearing is set for July 11.

Solavei, a social commerce telecommunications company with headquarters in Bellevue, Wash., filed for bankruptcy on June 11. The Chapter 11 case number is 14-14505.

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