U.S. Bankruptcy Judge Brendan Linehan Shannon yesterday gave Trico temporary permission to use cash set aside as collateral for Tennenbaum. The two sides will return to court Nov. 29 when Trico will seek permanent authority to use the cash.
Through a series of proposed sales, Trico said it expects to raise about $33 million, more than enough to pay off the $3.5 million it has spent from the Tennenbaum loan.