NEW YORK CITY-Metropolitan 885 Third Avenue Leasehold LLC, theowner of Lipstick Building situated between East 53rd Street and54th Street in midtown Manhattan, has won court approval to usecash collateral on an interim basis. U.S. Bankruptcy Judge ShelleyChapman has granted the owner to use cash of lenders duringbankruptcy.
The judge also has agreed to allow the owner to pay backpre-bankruptcy claims and offer protection to lenders. Royal Bankof Canada is the biggest creditor of Metropolitan. For thefull story, go to Crain's New YorkBusiness.
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