Bankrupt Transmar Allowed To Use Its Cash For A Week

Law360, New York (January 4, 2017, 10:25 PM EST) -- A New York bankruptcy judge at an expedited hearing Wednesday gave emergency approval for cocoa trader Transmar Group to use cash collateral to keep the lights on, but held off on full approval to make sure all relevant parties have been notified.

U.S. Bankruptcy Judge James L. Garrity held the first-day motion hearing four days days after Transmar filed its Chapter 11 petition on New Year's Eve. Transmar attorney Joseph L. Schwartz of Riker Danzig Scherer Hyland & Perretti LLP explained that the Saturday filing was necessary because prepetition lenders demanded that the debtor company commence Chapter 11 proceedings by Dec....

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