Solavei asks court to extend cash collateral access through April 30

By Caroline Salls

Pittsburgh, Feb. 12 – Solavei, LLC requested court approval to continue using cash collateral through April 30, according to a Feb. 11 filing with the U.S. Bankruptcy Court for the Western District of Washington.

As previously reported, Solavei said that continued use of the cash collateral is needed to “minimize disruption and avoid termination of its operations pending consummation of a transaction” as it is unable to meet working capital needs.

The company is “in the process of negotiating a transaction with a third party that will, if confirmed as a part of a plan of reorganization, result in value to creditors,” according to the motion.

Once the business negotiations are complete with the third party and wholesale mobile service provider T-Mobile USA, Inc., Solavei said it expects to seek confirmation of a plan of reorganization through an expedited plan process.

The company has requested a Feb. 27 hearing.

Solavei, a social commerce telecommunications company with headquarters in Bellevue, Wash., filed for bankruptcy on June 11, 2014. The Chapter 11 case number is 14-14505.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.