Dakota Plains approved to continue cash collateral use after closing

By Caroline Salls

Pittsburgh, March 8 – Dakota Plains Holdings, Inc. received court approval to continue to use cash collateral to fund the wind down of its businesses after its asset sale closes, according to an order filed Wednesday with the U.S. Bankruptcy Court for the District of Minnesota.

The company said $7.6 million of the asset sale proceeds will be remitted to pre-bankruptcy facility and debtor-in-possession facility agent SunTrust Bank, and the DIP facility will be terminated.

As a result, the company said it is asking the court to grant it access to cash collateral through May 31.

Dakota Plains, a midstream energy company based in Wayzata, Minn., filed for bankruptcy on Dec. 20 under Chapter 11 case number 16-43711.

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