Hepar BioScience LLC Bankruptcy New Filing Alert: Order Regarding The Motion For Authority To Use Cash Collateral

On April 28, 2015, an order regarding the motion for authority to use cash collateral was filed in the bankruptcy case of Hepar BioScience LLC and its affiliates.

The filing was assigned docket number 109 and is described on the court’s official docket as follows:

Hearing Minutes and ORDER Re: (related document(s)93 Motion to Use Cash Collateral filed by Debtor Hepar BioScience LLC) APPEARANCES (telephonic): Clair R. Gerry for Debtor, Roger W. Damgaard for Northwest Bank, and Assistant United States Trustee James L. Snyder. DISPOSITION: Upon consideration of Debtor’s Motion for Authorization to Use Cash Collateral (doc. 93), Northwest Bank’s objection (doc. 100), the United States Trustee’s objections (docs. 95 and 101), Debtor and Northwest Bank’s Third Joint Stipulation and Agreement for Use of Cash Collateral and for Adequate Protection Through June 30, 2015 (doc. 102), Northwest Bank’s response (doc. 103), and the record before the Court; and pursuant to the report of counsel; and for cause shown; now, therefore, IT IS HEREBY ORDERED Debtor and Northwest Bank’s third stipulation is approved as set forth herein, and Debtor is authorized to use Northwest Bank’s cash collateral in the amounts, for the purposes, and on the terms and conditions set forth in the third stipulation, except Debtor shall not, as part of the adequate protection provided, give Northwest Bank a security interest in any property in which Northwest Bank did not have a security interest pre-petition. SO ORDERED: /s/ Charles L. Nail, Jr., Bankruptcy Judge. (sstr) (Entered: 04/28/2015)

Hepar BioScience LLC filed for bankruptcy protection, or had an involuntary bankruptcy petition filed against it, on February 20, 2015. The bankruptcy case is pending before the United States Bankruptcy Court for the District of South Dakota. The case number for the lead bankruptcy case is 15-40057. The bankruptcy case is currently assigned to United States Bankruptcy Judge Charles Nail Jr.. The law firm of Gerry & Kulm Ask, Prof. LLC is acting as lead bankruptcy counsel to Hepar BioScience LLC in the bankruptcy case.


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