Certa Dose receives interim access to cash collateral of SBA

By Sarah Lizee

Olympia, Wash., June 21 – Certa Dose, Inc. received interim approval to access the cash collateral of the Small Business Administration, according to an order filed Monday with the U.S. Bankruptcy Court for the Southern District of New York.

As previously reported, the cash collateral motion drew a limited objection from creditor Copic Insurance Co., which said that while it does not object to the use of the cash collateral in general, it does object to the provisions included in the proposed order, which are “clearly inappropriate and highly prejudicial” to Copic and other creditors.

Copic said it also plans to file a motion to transfer the venue of the debtor’s bankruptcy case to the U.S. Bankruptcy Court for the District of Colorado, “based on the interests of justice and the inconvenient forum purposely chosen by the debtor.”

Copic said it believes that substantially all of the other major creditors of the debtor support the transfer.

A further hearing on the cash collateral use is scheduled for July 7.

The New York-based company develops, licenses and sells pharmaceutical products and technology. The company filed bankruptcy on May 30 under Chapter 11 case number 21-11045.

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