Harbor Custom Development gets OK to use disputed cash collateral

By Sarah Lizee

Olympia, Wash., March 21 – Harbor Custom Development, Inc. received approval to use disputed cash collateral, according to an order filed Thursday with the U.S. Bankruptcy Court for the Western District of Washington.

The debtor sought authority to use net sale proceeds from property sales, which Modern Homestead, LLC has an interest in.

The company wants to use the proceeds for operations and reorganization expenses, with adequate protection to be provided to Modern Homestead.

The court said Thursday that Modern Homestead is adequately protected by its potential right to setoff against the undisputed claim that it owes the debtor.

Harbor Custom Development is a real estate development company located in Tacoma, Wash. The company filed bankruptcy on Dec. 11 under Chapter 11 case number 23-42180.

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