Wolverine Tube granted approval to use noteholders' cash collateral

By Caroline Salls

Pittsburgh, Nov. 23 - Wolverine Tube, Inc. obtained final court approval to use the cash collateral of its pre-bankruptcy secured noteholders to fund its operations while in Chapter 11, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company will use the cash collateral in accordance with a 13-week budget.

As previously reported, the company believes its cash on hand, together with the cash generated from ongoing operations, will be sufficient to fund its normal business obligations through the financial restructuring.

Wolverine Tube is based in Huntsville, Ala., and makes copper and copper alloy tube, fabricated products and metal joining products. The company filed for bankruptcy on Nov. 1, and its Chapter 11 case number is 10-13522.

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