Art Van Furniture secures interim approval to access cash collateral

By Caroline Salls

Pittsburgh, March 11 – Art Van Furniture, LLC obtained court approval to access the cash collateral of its pre-bankruptcy term loan parties on an interim basis, according to an order filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

The final hearing is scheduled for April 6.

As previously reported, the cash collateral will be used to finance the Art Van debtors’ working capital needs and for general corporate purposes and to pay transaction costs, fees, liabilities and expenses and other administration costs incurred in connection with the Chapter 11 cases.

The company’s interim access to cash collateral will expire in 30 days, or sooner if a termination event occurs.

Art Van is a Warren, Mich.-based operator and franchisor of furniture stores. The company filed bankruptcy on March 8 under Chapter 11 case number 20-10553.

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