WC Braker trustee and ATX Braker agree to cash collateral use

By Sarah Lizee

Olympia, Wash., Jan. 17 – The Chapter 11 trustee for WC Braker Portfolio, LLC, borrowing entity of World Class Property Co., and lender ATX Braker SR, LLC have agreed to the terms of cash collateral use, according to a stipulation filed Friday with the U.S. Bankruptcy Court for the Western District of Texas.

The trustee needs to use the debtor’s cash to pay certain critical operating and administrative expenses of the debtor through Jan. 31.

The prepetition secured lender asserts that all of the debtor’s existing cash constitutes cash collateral.

As previously reported, ATX Braker SR is serving as stalking horse bidder for the debtor’s property. The stalking horse bid is $75.46 million structured as a credit bid of the mortgage loan.

World Class Property Co. is a real estate investment company based in Austin, Tex. WC Braker filed bankruptcy on May 2, 2022 under Chapter 11 case number 22-10293.

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