Shops at Broad gets interim access to cash collateral of Trez Shops

By Sarah Lizee

Olympia, Wash., Sept. 29 – Shops at Broad, LLC received interim access to cash collateral, according to a minute entry filed with the U.S. Bankruptcy Court for the Northern District of Texas.

Lender Trez Shops at Broad LP has objected to the use of cash collateral, as previously reported.

Under a 2018 loan, the debtor owes Trez Shops $60,055,872.09 and under a 2019 loan the debtor owes $692,660.15.

Trez Shops claims that under the loan documents, it claims a senior perfected interest in the debtor’s rents, cash and other collateral.

A further hearing Is scheduled for Oct. 27, according to a separate minute entry.

The Atlanta-based retail property owner filed bankruptcy on Sept. 2 under Chapter 11 case number 22-42059.

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