Transmar Commodity cash collateral termination date extended again

By Caroline Salls

Pittsburgh, May 1 – Transmar Commodity Group Ltd.’s cash collateral use termination date was extended, according to an order filed April 28 with the U.S. Bankruptcy Court for the Southern District of New York.

Specifically, the cash collateral use will now terminate on the earlier of May 15 and the occurrence of an event of default, pushed back from April 30.

According to the order, Transmar’s pre-bankruptcy lender agent agreed to the extension.

Transmar said it needs to use cash collateral beyond April 30 to continue to operate its business, pay wages, maintain business relationships with customers, vendors and suppliers, make payroll, pay professionals, make adequate protection payments and maximize the value of its assets.

Morristown, N.J.-based Transmar operates as a full-service cocoa trading and cocoa butter product supplier to the international confectionary industry. The company filed for bankruptcy on Dec. 31 under Chapter 11 case number 16-13625.

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