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Byline: Greg Johnson
Neenah Foundry Co. on Thursday, Aug. 28, was given the right to use its cash collateral as the Wisconsin steel castings producer continues a pre-arranged reorganization.
"We received final approval to use cash collateral, although some changes were made to the agreement," said Laura Davis Jones, local counsel for Neenah Foundry at Pachulski, Stang, Ziehl Young & Jones in Wilmington, Del.
Neenah Foundry and 16 of its affiliates filed a prepackaged Chapter 11 petition on Aug. 5 in the U.S. Bankruptcy Court for the District of Delaware in Wilmington.
Under the prepack, unsecured creditors are paid in full while …