Auraria Student Lofts gets extension on access to cash collateral

By Sarah Lizee

Olympia, Wash., Jan. 17 – 5280 Auraria, LLC, which does business as Auraria Student Lofts, gained interim approval to continue using cash collateral, according to an order filed Friday with the U.S. Bankruptcy Court for the District of Colorado.

A final hearing is scheduled for Feb. 2.

According to the terms of the interim order, the debtor will only use cash collateral in line with an interim budget, subject to a line-item variance of no more than 15% per month. The estimated expenses may exceed these limits with prior written approval from lenders DB Auraria, LLC and Auraria Stub, LLC.

The debtor may use cash collateral, if needed, to make interest or adequate protection payments to the lenders as ordered by the court.

The debtor will provide the lenders, on or before the 10th day of the following month, an accounting for the prior month of all revenue, cash expenditures and collections, with a comparison to budget.

These provisions will be deemed adequate protection to the lenders asserting an interest in cash collateral.

The San Clemente, Calif.-based company provides student housing in Denver. The company filed bankruptcy on June 9, 2022 under Chapter 11 case number 22-12059.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.