Park Place of Elmhurst borrowers get final OK to use cash collateral

By Caroline Salls

Pittsburgh, Feb. 17 – Park Place of Elmhurst Project Illinois Finance Authority revenue bond borrowers Timothy Place, NFP and Christian Healthcare Foundation, NFP received final court approval to use cash collateral to fund operations while in bankruptcy, according to an order filed Wednesday with the U.S. Bankruptcy Court for the Northern District of Illinois.

Specifically, Timothy Place and Christian Healthcare obtained court approval to use revenues, accounts receivable and funds on deposit in some operating accounts as cash collateral.

The cash collateral use agreement requires the debtors to obtain court approval of the disclosure statement for their Chapter 11 plan by Feb. 23 and obtain confirmation of the plan by March 29. The plan must take effect by April 1.

The Chapter 11 cases were filed on Jan. 17 and are being jointly administered under case numbers 16-01336 and 16-01337.

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