Sheehan Pipe Line secures OK to use cash collateral to fund operations

By Caroline Salls

Pittsburgh, May 26 – Sheehan Pipe Line Construction Co. received court approval to use the cash collateral of its pre-bankruptcy secured creditors to fund its operations while in bankruptcy, according to an order filed Thursday with the U.S. Bankruptcy Court for the Northern District of Oklahoma.

The company said Caterpillar Financial Services Corp. and Zurich American Insurance Co. have alleged interests in the cash collateral.

According to the motion, the proposed cash collateral use would terminate on the earliest of July 22, dismissal or conversion of Sheehan’s Chapter 11 case, the appointment or election of a trustee, examiner or any other representative with expanded powers, the effective date of a plan of reorganization or failure to adhere to a related budget.

Sheehan, a Tulsa, Okla.-based pipeline construction company, filed bankruptcy on April 15. The Chapter 11 case number is 16-10678.

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