1250 Oceanside obtains approval to use cash collateral to service debt

By Caroline Salls

Pittsburgh, June 17 - 1250 Oceanside Partners received court approval to use the cash collateral of Sun Kona Finance II, according to a Monday filing with the U.S. Bankruptcy Court for the District of Hawaii.

The company said it would use the cash collateral to service the debt owed to Sun Kona.

1250 Oceanside said it and Sun Kona are the only entities with an interest in the cash collateral in question, and it wants to pay over to Sun Kona 100% of the cash collateral received from the date of the filing of 1250 Oceanside's bankruptcy case.

According to Monday's order, the cash collateral includes receipts from purchasers of lots within the Hokuli'a development under carryback notes, which were pledged with accompanying purchase-money mortgages.

1250 Oceanside is the Roseville, Calif.-based developer of the Hokuli'a project. The company filed for bankruptcy on March 6 under Chapter 11 case number 13-00353.

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