Tousa creditors, second-lien agent appeal cash collateral ruling

By Caroline Salls

Pittsburgh, June 30 - A group of Tousa, Inc. creditors and the administrative agent for the company's second-lien credit agreement have appealed the court order granting the company limited access to cash collateral of its first-lien and second-lien lenders, according to a Monday filing with the U.S. Bankruptcy Court for the Southern District of Florida.

The appellants include creditors Aurelius Capital Master, Ltd., Aurelius Capital Partners, LP, GSO Special Situations Fund LP, GSO Special Situations Overseas Master Fund Ltd., GSO Credit Opportunities Fund (Helios), LP and Carlyle Strategic Partners and second-lien agent Wells Fargo Bank, NA.

As previously reported, Tousa's debtor-in-possession facility was terminated on June 20, but the company received court approval to use the cash collateral of its first-lien and second-lien secured lenders for six months.

Tousa, a Hollywood, Fla.-based homebuilder, filed for bankruptcy on Jan. 29. Its Chapter 11 case number is 08-10928.

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