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Tousa granted court approval to use cash collateral beyond May 31
By Caroline Salls
Pittsburgh, May 27 - Tousa, Inc. received court approval to use the cash collateral of its pre-bankruptcy lenders on and after June 1, according to a Thursday filing with the U.S. Bankruptcy Court for the Southern District of Florida.
The cash collateral use was previously scheduled to expire on May 31. The new budget runs from June 1 to Sept. 30.
Because no decision has been made yet on a key lawsuit appeal, Tousa said it is in talks with the lenders and its official committee of unsecured creditors regarding the continued use of cash collateral.
Tousa, a Hollywood, Fla.-based homebuilder, filed for bankruptcy on Jan. 29, 2008. Its Chapter 11 case number is 08-10928.
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