In re Sterling Mining Co.
Aug
14
2009
Ruling
Postpetition financing agreement approved subject to elimination of provision requiring lender's consent for nonconsensual use of cash collateral.
Procedural posture
Debtor mining company filed a voluntary petition for relief under chapter 11 of the Bankruptcy Code on March 3, 2009, and it was granted status as a debtor-in-possession. The debtor filed a motion, pursuant to 11 U.S.C.S. § 364(c), for approval of postpetition financing, and companies that owned and possessed a mine the debtor operated before it declared bankruptcy filed objections.
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Court
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