Toisa wins approval to use cash collateral; lender committee formed

By Caroline Salls

Pittsburgh, March 21 – Toisa Ltd. received bankruptcy court approval for the use of cash collateral secured by two of its major lenders, Citibank NA and Credit Agricole CIB, according to a company news release.

Toisa said the use of Credit Agricole’s cash collateral and the company’s cash management system were approved on an interim basis. Toisa will seek final approval of both at a March 28 hearing.

In addition, the company said the lenders have been able to form a committee, which will streamline the process going forward by allowing it to speak to one voice representing a majority of the lenders. Toisa said it believes the committee will be helpful to discussions in the next stage of the case.

Toisa is a Hamilton, Bermuda-based shipping business. The company filed bankruptcy on Jan. 29 in the U.S. Bankruptcy Court for the Southern District of New York under Chapter 11 case number 17-10184.

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