NEW YORK CITY-Metropolitan 885 Third Avenue Leasehold LLC, the owner of Lipstick Building situated between East 53rd Street and 54th Street in midtown Manhattan, has won court approval to use cash collateral on an interim basis. U.S. Bankruptcy Judge Shelley Chapman has granted the owner to use cash of lenders during bankruptcy.
The judge also has agreed to allow the owner to pay back pre-bankruptcy claims and offer protection to lenders. Royal Bank of Canada is the biggest creditor of Metropolitan. For the full story, go to Crain's New York Business.
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