Flexible Funding receives final approval to access cash collateral

By Sarah Lizee

Olympia, Wash., Nov. 18 – Flexible Funding, LLC received final court approval to access cash collateral, according to an order filed Thursday with the U.S. Bankruptcy Court for the Northern District of Texas.

Those with an interest in the collateral include lenders under the company’s $100 million revolving line of credit, including Umpqua Bank, CIT Bank, NA and Horizon Bank. The company also received interim approval to use the cash collateral of Bison Investors, LLC and Medalist Partners Opportunity Master Fund II-A, LP.

The company said it needs the cash collateral to fund its day-to-day operations.

“Absent such relief, the debtors will not be able to continue to operate their businesses,” the company said in the motion.

“In sum, the failure to obtain authorization for the use of the cash collateral will be disastrous to the debtors and their creditors.”

The Fort Worth-based asset-based lending and factoring company is primarily focused on the staffing and transportation industries. The company filed bankruptcy on Sept. 19 under Chapter 11 case number 21-42215.

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