Saint Michael’s Medical Center gets interim OK to use cash collateral

By Caroline Salls

Pittsburgh, Oct. 7 – Saint Michael’s Medical Center, Inc. obtained interim court approval to use up to $32.03 million of the cash collateral of Bank of New York through Oct. 18, according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of New Jersey.

The final hearing is scheduled for Oct. 16.

According to the order, the cash collateral can be used to fund maintenance and preservation of the medical center’s assets, as well as the continued operation of its businesses.

Saint Michael’s is a Newark, N.J., medical center. The company filed bankruptcy on Aug. 10 under Chapter 11 case number is 15-24999.

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