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Off Lease Only gets approval to use cash collateral through Sept. 30
By Sarah Lizee
Olympia, Wash., Sept. 15 – Off Lease Only received interim approval to use cash collateral through Sept. 30, according to an order filed Friday with the U.S. Bankruptcy Court for the District of Delaware.
As previously reported, Ally Bank, Spirit Realty, LP and Cerberus Off Lease Only LLC have an interest in the collateral.
Ally had objected to the cash collateral use, but said it would be willing to consent to limited use of cash collateral on a short-term, three-week budget.
Off Lease had proposed an eight-week budget in its motion.
A final hearing is scheduled for Sept. 26.
Off Lease Only is an auto retailer based in West Palm Beach, Fla. The company filed bankruptcy on Sept. 7 under Chapter 11 case number 23-11388.
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