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

By Mark Reccek

Bethlehem, Pa., Oct. 19 – Saint Michael’s Medical Center, Inc. received final court approval to use up to $32.03 million of the cash collateral of Bank of New York, according to an order filed Friday with the U.S. Bankruptcy Court for the District of New Jersey.

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

The order said use of cash collateral is “necessary, appropriate and in the best interests of the debtors’ estates.”

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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