Seabras 1 USA granted OK to access to cash collateral through Feb. 13

By Caroline Salls

Pittsburgh, Feb. 5 – Seabras 1 USA, LLC obtained a second interim order for the use the cash collateral of its pre-bankruptcy secured parties, according to an order filed Tuesday with the U.S. Bankruptcy Court for the Southern District of New York.

The final hearing is scheduled for Feb. 13.

Seabras said the cash collateral will be used for working capital and general corporate purposes.

The company’s interim access to cash collateral would expire on the earlier of 5 p.m. ET on Feb. 13 and the occurrence of a termination event.

Beverly, Mass.-based Seabras 1 Bermuda Ltd. and wholly owned subsidiary Seabras 1 USA own a fiber optic cable system between New York and Sao Paulo. They filed bankruptcy on Dec. 22 under Chapter 11 case number 19-14007.

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