Hollister Construction gets further interim access to cash collateral

By Caroline Salls

Pittsburgh, July 16 – Hollister Construction Services, LLC obtained court approval to continue to use the cash collateral of pre-bankruptcy secured lender PNC Bank, NA in a 21st interim order filed Thursday with the U.S. Bankruptcy Court for the District of New Jersey.

Under the order, the cash collateral use will run through the earlier of July 31 and occurrence of a termination event, extended from July 17.

According to Thursday’s order, Hollister and PNC are working to reach an agreement on the use of cash collateral and a budget for the week of Aug. 1 through Aug. 7.

In an attempt to avoid the court needing to schedule an additional hearing on July 30, the order said when an agreement is reached, a revised 21st order will be filed.

If an agreement cannot be reached, the parties will ask the court to schedule a status conference.

As previously reported, the cash collateral will be used to fund Hollister’s operations while in bankruptcy.

Hollister is a Parsippany, N.J.-based construction company. The company filed bankruptcy on Sept. 11, 2019 under Chapter 11 case number 19-27439.

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