RG Steel requests court approval to use cash collateral until June 27

By Caroline Salls

Pittsburgh, March 13 - RG Steel, LLC requested court approval to extend its cash collateral use until June 27, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company said it needs the cash collateral to maintain enough working capital to preserve the value of its assets, continue the orderly liquidation of those assets and preserve and maximize the value of its estates.

RG Steel's second-lien agent, second-lien lenders and third-lien lender consented to the continued cash collateral use.

The company has requested an April 1 hearing.

RG Steel, a Sparrows Point, Md., flat-rolled steel processor, filed for bankruptcy on May 31, 2012. Its Chapter 11 case number is 12-11661.

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