Rebuiltcars Corporation Files for Bankruptcy Under Chapter 11
Rebuiltcars Corporation seeks authorization from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral.
The Debtor is involved in the business of purchasing and/or obtaining vehicles destroyed in accidents and selling the usable parts. As reflected on the proposed monthly Budget, the Debtor's total operating expenses is estimated to be at least $35,501. The Debtor contends that if the expenses are not paid in a timely manner, it would then be forced into a premature liquidation.