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Education Training gets final authorization on cash collateral use
By Kali Hays
New York, Dec. 19 – Education Training Corp. received final approval on continued access to cash collateral in order to fund its operations while in bankruptcy, according to a Friday order from the U.S. Bankruptcy Court for the District of Delaware.
As previously reported, the company’s pre-bankruptcy secured lenders agreed to the cash collateral use upon filing for bankruptcy.
One of the lenders, IEC Corp., agreed to purchase 28 of Education Training’s school campuses at the end of September.
Use of the collateral 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.
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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