Chem Rx To Keep Biz Open With Existing Cash

Law360, New York (June 4, 2010, 3:46 PM EDT) -- A judge has approved bankrupt pharmacy chain Chem Rx Corp.’s bid to use cash collateral to maintain business operations despite efforts from lenders to prevent the company from further spending.

Judge Mary Walrath of the U.S. Bankruptcy Court for the District of Delaware on Thursday approved the debtor’s motion to use cash collateral to fund continued business operations.

"We are pleased that the court has granted final approval for continued use of our existing cash to operate our business as usual," Chem Rx CEO Jerry Silva...
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