Certa Dose Chapter 11 trustee gets further OK to use cash collateral

By Sarah Lizee

Olympia, Wash., June 8 – Certa Dose, Inc.’s Chapter 11 trustee, Kenneth P. Silverman, received further interim court approval to use the cash collateral of lender Dr. Caleb S. Hernandez, according to an order filed Tuesday with the U.S. Bankruptcy Court for the Southern District of New York.

Hernandez has consented to the cash collateral use.

Silverman had said in his initial motion that, as part of the debtor’s business and to protect the value of its intellectual property assets, prior to and after the petition date, the debtor applied for and prosecuted applications for patents, trademarks, and other intellectual property rights in nine countries.

To assist in those efforts, the debtor employs the professionals who provide specialized legal services for the debtor solely relating to intellectual property rights and unrelated to the Chapter 11 case.

The trustee said he believes that the continued employment and compensation of the professionals is in the best interests of the debtor’s estate, its creditors, and other parties in interest.

The New York-based company develops, licenses and sells pharmaceutical products and technology. The company filed bankruptcy on May 30, 2021 under Chapter 11 case number 21-11045.

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