King Mountain Tobacco gets final approval to access cash collateral

By Sarah Lizee

Olympia, Wash., Dec. 10 – King Mountain Tobacco Co., Inc. received final court approval to access the cash collateral of the Alcohol and Tobacco Tax and Trade Bureau, according to an order filed Wednesday in the U.S. Bankruptcy Court for the Eastern District of Washington.

As previously reported, the use of cash collateral will allow King Mountain to timely and fully pay its payroll and other operating expenses so as to permit it to continue its ordinary course operations and to maintain its ongoing business for the benefit of its estate and creditors, the motion said.

King Mountain said it has an immediate need to use cash collateral to maintain, preserve and protect its assets and has provided for adequate protection of the Alcohol and Tobacco Tax and Trade Bureau’s interests in the cash collateral.

King Mountain Tobacco is a White Swan, Wash.-based tobacco manufacturer owned and operated by citizens of the Yakama Nation. The company filed Chapter 11 bankruptcy on Sept. 25 under case number 20-01808.

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