REVA Medical obtains final court approval to access cash collateral

By Caroline Salls

Pittsburgh, Feb. 20 – REVA Medical, Inc. obtained final court approval to use the cash collateral of its pre-bankruptcy secured parties, according to an order filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

The cash collateral will be used to preserve the value of the company’s assets.

REVA’s access to the cash collateral will expire on the earliest of Feb. 29, the termination or non-consensual modification of the final order, the entry of an order terminating the company’s right to use cash collateral, the dismissal or conversion of the Chapter 11 case, the appointment of a trustee or examiner, the delivery of a termination date declaration by the lender agent and the effective date of the company’s Chapter 11 plan.

As previously reported, the court said earlier this week that it would confirm REVA’s plan. The confirmation order was filed on Thursday.

The medical device company is based in San Diego. The company filed bankruptcy on Jan. 14 under Chapter 11 case number 20-10072.

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