Nautical Solutions gets interim cash collateral use after contested hearing

By Sarah Lizee

Olympia, Wash., Feb. 1 – Nautical Solutions, LLC received further interim approval to access cash collateral following a contested hearing on Wednesday in the U.S. Bankruptcy Court for the Southern District of Texas.

A group of term loan lenders have objected to the company’s access to cash collateral, as previously reported. The group reiterated at the hearing that it disagrees that the cash collateral use is consensual.

After hearing the arguments from the debtor and lenders, the court said it agrees that the cash collateral use is not consensual, and it is not yet prepared to grant the motion on a final basis.

However, the court said there is adequate protection to secured lenders in the interim period.

The final hearing was moved to Feb. 27.

Nautical Solutions is a deepwater drilling servicer based in Dallas. The company filed bankruptcy on Jan. 9 under Chapter 11 case number 23-90002.

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