Ultrapetrol interim cash collateral use OK’d; plan hearing March 17

By Caroline Salls

Pittsburgh, Feb. 10 – Ultrapetrol (Bahamas) Ltd. received interim court approval to use the cash collateral of its pre-bankruptcy secured parties to fund its operations while in Chapter 11, according to an order filed Friday with the U.S. Bankruptcy Court for the Southern District of New York.

The final hearing is scheduled for March 7.

In addition, the court scheduled a combined hearing on confirmation of Ultrapetrol’s pre-packaged plan of reorganization and approval of the related disclosure statement for March 17.

Ultrapetrol, a Nassau, Bahamas-based shipping company, filed bankruptcy on Feb. 6. The Chapter 11 case number is 17-22168.

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