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Custom Alloy gets further access to cash collateral through Feb. 11
By Sarah Lizee
Olympia, Wash., Feb. 8 – Custom Alloy Corp. gained further interim approval to use cash collateral through Feb. 11, according to a 14th emergency order filed with the U.S. Bankruptcy Court for the District of New Jersey.
As previously reported, the debtor asked to use the cash collateral of prepetition lender CIBC Bank USA, and to the extent it is not wholly unsecured, the cash collateral of Barings BDC, Inc.
Access to the cash collateral will terminate at CIBC’s election if an event of default occurs under the cash collateral order.
Custom Alloy is a High Bridge, N.J.-based manufacturer of specialty metals for seamless and welded pipe fittings and forgings. The company filed bankruptcy on Oct. 13 under Chapter 11 case number 22-18143.
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