Inner City Creditors Want Court To Step In On Cash Use By Company
August 26, 2011 at 3:56 AM (PT)
The creditors of INNER CITY MEDIA CORP. have filed a motion to condition the alleged debtors' use of cash proceeds generated from operations and in certain bank deposit accounts pending the court’s determination on the involuntary Chapter 11 petition they filed against the company.
The creditors also moved to move up a hearing on the matter so that the cash issue can be heard at an AUGUST 31st hearing. Judge SHELLEY C. CHAPMAN will take up the matter at the AUGUST 31st hearing after responses or objections are filed by AUGUST 30th at 4p (ET), and if the judge grants the motion to shorten time, the cash matter will be held at that time.
The petitioning creditors include YUCAIPA CORPORATE INITIATIVES FUND II, L.P., YUCAIPA CORPORATE INITIATIVES (PARALLEL) FUND II, L.P., CF ICBC LLC, FORTRESS CREDIT FUNDING I L.P. and DRAWBRIDGE SPECIAL OPPORTUNITIES FUND LTD.