Solavei cash collateral access extended by one month through July 31

By Caroline Salls

Pittsburgh, June 26 – Solavei, LLC secured an extension of its cash collateral use through July 31, according to an order filed June 25 with the U.S. Bankruptcy Court for the Western District of Washington.

This is the company’s seventh cash collateral extension.

As previously reported, Solavei obtained an extension to June 30 from May 31, as the close of its asset sale to Aspider Solutions, Inc. was expected to occur sometime in June after several previous delays.

Now, the company said continuing issues related to the transfer of Federal Communications Commission licenses have further delayed the sale closing.

Without continued access to cash collateral, Solavei said it would be unable to pay its ongoing operating expenses, payroll, and member commissions.

Solavei, a social commerce telecommunications company with headquarters in Bellevue, Wash., filed for bankruptcy on June 11, 2014. The Chapter 11 case number is 14-14505.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.