Education Training court OKs further interim use of cash collateral

By Kali Hays

New York, Nov. 14 – Education Training Corp. received continued interim access to cash collateral to fund its operations while in bankruptcy, according to a Friday order from the U.S. Bankruptcy Court for the District of Delaware.

The company’s pre-bankruptcy secured lenders agreed to the cash collateral use, which will expire on the earlier of the second closing of Education Training’s asset sale, termination of the asset purchase agreement, conversion, dismissal or trustee appointment in the company’s Chapter 11 case and as otherwise ordered by the court.

The final hearing is scheduled for Dec. 19.

Education Training, a Lauderdale Lakes, Fla.-based operator of private, for-profit schools, filed for bankruptcy on Aug. 25. The Chapter 11 case number is 14-11987.

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