Meruelo Maddux's Cash-Sharing Bid Advances

Law360, New York (July 6, 2010, 4:25 PM EDT) -- Meruelo Maddux Properties Inc. has inched closer to winning its bid for continued use of cash collateral despite vociferous objections from Bank of America NA and other creditors, with a bankruptcy judge temporarily granting the cash-strapped developer's request until a final hearing on the contentious issue is held later this month.

In an order Thursday, Judge Kathleen Thompson of the U.S. Bankruptcy Court for the Central District of California granted Meruelo's request to continue to use cash collateral on an interim basis until July 16, when...
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