Solavei eyes sixth cash collateral extension with sale closing delay

By Kali Hays

New York, May 15 – Solavei, LLC asked the U.S. Bankruptcy Court for the Western District of Washington for an additional extension of its cash collateral use through June, according to an emergency motion filed Friday.

If approved, this will be the company’s sixth cash collateral extension.

As previously reported, Solavei obtained an extension to May 31 from April 30 as the close of its asset sale to Aspider Solutions, Inc. was expected to occur sometime in May.

Now, the company claims that issues related to the transfer of certain FCC licenses have further delayed the sale closing and despite “working diligently” toward a solution “it is now anticipated that the closing date may occur sometime in June 2015,” according to the motion.

Continued access to cash collateral will allow Solavei to “avoid termination of its operations.”

A hearing to consider the extension is set for May 29.

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.

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