Indalex Finance Gets OK To Use Cash Collateral

Law360, New York (March 24, 2009, 12:00 AM EDT) -- The federal judge overseeing the Chapter 11 proceedings of customized aluminum processor Indalex Finance Holdings Inc. has approved a series of first-day motions, including the company's bid to tap millions of dollars in financing secured prior to seeking bankruptcy protection.

Judge Peter J. Walsh of U.S. Bankruptcy Court for the District of Delaware gave interim approval Monday for the use of the collateral to finance the company's ongoing operations.

The company also received preliminary approval to continue salary payments and other benefits to employees, and to...
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