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Fast Radius gets sign-off for interim access to its cash collateral
Chicago, Nov. 10 – Fast Radius, Inc. was granted interim access to its cash collateral, according to an interim order from the U.S. Bankruptcy Court for the District of Delaware.
Milestones were set for the use of the cash collateral in that court approval is needed for an asset sale by Nov. 15, a qualifying bid has to be received by Dec. 5 and a sale transaction should be closed by Dec. 12.
According to the budget, the company started post-petition with $6.25 million in the bank.
If a sale closes on time in mid-December, the company will still be cash-positive with $1.79 million in cash as the asset sale closes and then $564 million post-sale.
The company has also used the name ECP Environmental Growth Opportunities Corp. The cloud manufacturing and digital supply chain company filed bankruptcy on Nov. 7 under case number 22-11051.
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