Levitz Gets Go-Ahead To Use $47M In Cash Collateral

Law360, New York (January 8, 2008, 12:00 AM EST) -- Bankrupt Levitz Furniture will be permitted to use almost $47 million in cash collateral to finance its liquidation as it moves toward its exit from Chapter 11.

A judge in the U.S. Bankruptcy Court for the Southern District of New York on Monday approved several parties' joint stipulation calling for the use of the collateral, whose prepetition figure has been pegged at $46,936,000.

Among the parties who signed the stipulation were the debtors and the creditors committee.

“The debtor does not have sufficient available sources of...
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