BearingPoint OK To Continue Using Cash Collateral

Law360, New York (April 21, 2009, 12:00 AM EDT) -- Despite objections from unsecured creditors, technology and management consulting firm BearingPoint Inc. has received court approval to continue using cash collateral to fund its daily operations and square up payroll obligations as it seeks to unwind debt and boost capital flow in its Chapter 11 bankruptcy proceedings.

Judge Robert E. Gerber of the U.S. Bankruptcy Court for the Southern District of New York finalized an order Monday authorizing BearingPoint to cash collateralize up to 110 percent of post-petition letters of credit and pay out up to...
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