Solavei eyes seventh cash collateral extension to continue operations

By Kali Hays

New York, June 16 – Solavei, LLC asked the U.S. Bankruptcy Court for the Western District of Washington for an additional extension of its cash collateral use through July, according to a motion filed Monday.

If approved, this will be the company’s seventh cash collateral extension.

As previously reported, Solavei obtained an extension to June 30 from May 31, as the close of its asset sale to Aspider Solutions, Inc. was expected to occur sometime in June after several previous delays.

Now, the company claims that continuing issues related to the transfer of certain FCC licenses have further delayed the sale closing, according to the motion.

Without continued access to cash collateral, Solavei said that it will be unable to pay its ongoing operating expenses, payroll, and member commissions, and it will thus be unable to continue ongoing business operations.”

A hearing to consider the extension is set for June 26.

Solavei, a social commerce telecommunications company with headquarters in Bellevue, Wash., filed for bankruptcy on June 11, 2014. The Chapter 11 case number is 14-14505.

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