Christopher & Banks secures interim approval of cash collateral use

By Sarah Lizee

Olympia, Wash., Jan. 19 – Christopher & Banks Corp. received interim approval to access the cash collateral of its pre-bankruptcy term loan lenders, according to an order filed Friday with the U.S. Bankruptcy Court for the District of New Jersey.

As previously reported, the company is proposing to use $5.2 million in net cash collateral on an interim basis during the first 30 days of the cases to fund operating expenses, plus additional amounts to provide adequate protection.

ALCC, LLC is the administrative and collateral agent.

A final hearing is scheduled for Feb. 8.

Christopher & Banks is a Minneapolis-based specialty retailer featuring privately branded women’s apparel and accessories. The company filed Chapter 11 bankruptcy on Jan. 13 under case number 21-10269.

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