TBH19 gets court approval to use cash collateral through Feb. 18

By Sarah Lizee

Olympia, Wash., Jan. 26 – TBH19 LLC received court approval to use cash collateral through Feb. 18, according to an order filed Monday with the U.S. Bankruptcy Court for the Central District of California.

As previously reported, the company asked the court to approve access to the cash collateral through April 30.

The company’s request to allow a 25% flexibility in expenses without court approval was denied.

TBH19’s motion had drawn an objection from secured creditor DBD Credit Funding LLC, which claimed the debtor had not met its burden demonstrating that DBD’s interest in the cash collateral was adequately protected.

Monday’s order said that as additional adequate protection of the secured claimants’ interest in the cash collateral, secured claimants are granted a replacement lien upon all post-petition assets of the debtor’s estate, with the replacement liens to have the same extent, validity and priority, if any, as the secured claimants’ lien upon the debtor’s pre-petition assets.

TBH19 is a Los Angeles-based investment company. The company filed bankruptcy on Nov. 24, 2019 under Chapter 11 case number 19-23823.

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