Tousa Gets OK To Keep Using Cash Collateral

Law360, New York (May 1, 2009, 12:00 AM EDT) -- A bankruptcy judge has given homebuilder Tousa Inc. permission to continue using its secured lenders' cash collateral while it begins to wind down its operations and solicit acceptances for a reorganization plan it filed earlier this month.

Judge John K. Olson of the U.S. Bankruptcy Court for the Southern District of Florida on Thursday granted a motion filed by Tousa on April 8 for approval of an agreement between Tousa and its secured lenders allowing it to continue drawing on the collateral through July 29, subject...
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