Modern Continental granted court approval for cash collateral use through July 28

By Jennifer Lanning Drey

Portland, Ore., July 2 - Modern Continental Construction Co. received approval from the U.S. Bankruptcy Court for the District of Massachusetts to use cash collateral through July 28, according to a Wednesday court filing.

The final hearing on cash collateral was continued to July 28 from July 2.

As previously reported, Modern Continental's cash collateral lenders include Seaboard Surety Co., St. Paul Fire and Marine Insurance Co., St. Paul Guardian Insurance Co., St. Paul Mercury Insurance Co., United States Fidelity and Guaranty Co., Fidelity and Guaranty Insurance Underwriters, Inc. and Fidelity and Guaranty Insurance Co.

When requesting approval to use the cash collateral, the company said it intends to finish its open projects and wind down its operations.

Modern Continental, a Dedham, Mass., contractor, filed for bankruptcy on June 23. Its Chapter 11 case number is 08-14558.

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