Monitor Group gets OK for extended cash collateral use for wind down

By Jim Witters

Wilmington, Del., Feb. 8 - Monitor Co. Group LP won approval for the continued use of its lender's cash collateral for another month, as the company prepares to wind down operations following the sale of substantially all of its assets to Deloitte Consulting LLP.

The one-month extension of the interim cash collateral order will allow the parties time to evaluate any additional priority claims or other issues that may arise to interfere with an orderly liquidation plan, Monitor attorney D. Ross Martin told the court during a Feb. 8 hearing in the U.S. Bankruptcy Court for the District of Delaware.

Damon P. Meyer, representing lender Bank of America, NA, said the one-month budget for use of his client's cash collateral was consensual, and the parties will return for approval of any additional wind-down expenses.

Norman L. Pernick, attorney for the official committee of unsecured creditors, said the committee is negotiating with Caltius Partners IV, LP on allocation issues. The parties hope to reach an agreement by mid-March.

A final hearing on the continued use of cash collateral is scheduled for noon ET on March 4.

Monitor, a Cambridge, Mass.-based strategy consulting firm, filed for bankruptcy on Nov. 7. Its Chapter 11 case number is 12-13042.

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