Bankrupt New York law firm Dewey & LeBoeuf LLP received approval on Wednesday from Bankruptcy Judge Martin Glenn to use some cash that remains in the firm's accounts to pay for critical functions as it winds down its affairs, the Wall Street Journal reported yesterday. The firm now has approximately $13.4 million in cash on hand, according to an amended declaration by Joff Mitchell, the chief restructuring officer for the firm. However, lenders, who have a claim on the money as a result of amendments to loan agreements in the weeks leading up to Dewey’s bankruptcy filing, will have to wait until a June 13 hearing to see what they can get in exchange for fronting the firm the cash collateral.
