Peer Street receives final approval to access cash collateral

By Sarah Lizee

Olympia, Wash., Aug. 25 – Peer Street, Inc. received final approval to access cash collateral, according to an order filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

Lender Magnetar Financial LLC has consented to the cash collateral use, as previously reported.

The court said the debtors have an immediate and critical need to use cash collateral to pay the costs and expenses associated with administering the cases, continue the orderly operation of their business, maximize and preserve their going concern value, make payroll and satisfy other working capital and for general corporate purposes.

The El Segundo, Calif.-based company filed bankruptcy on June 26 under Chapter 11 case number 23-10815.

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