Bankruptcy Update: Whitehall, Fremont and more

Here are some of the latest bankruptcy stories our reporters have been covering Monday morning on TheDeal.com. For more check out the bankruptcy channel on TheDeal.com or visit Bankruptcy Insider.

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Whitehall gets second interim OK for DIP, cash
A Delaware judge gave bankrupt Whitehall Jewelers Holdings Inc. second interim approval to tap its cash collateral and $80 million debtor-in-possession financing. The final hearing is set for Thursday. - Jamie Mason

Judge allows sale of Fremont unit
A California judge has approved the sale of bankrupt Fremont General Corp.'s subsidiary to a newly formed bank of CapitalSource Inc. one month after the subprime mortgage lender filed for Chapter 11. Under the transaction, CapitalSource would establish a new California-chartered bank to take over 22 retail bank branches and assume some $5.6 billion in deposits of the debtor's wholly owned, nonbankrupt subsidiary, Fremont Investment & Loan. - Carolyn Okomo

Lake at Las Vegas seeks access to cash
Bankrupt Lake at Las Vegas Joint Venture LLC wants interim approval to use its cash collateral and more than $11.45 million in debtor-in-possession financing led by prepetition lender Credit Suisse Securities (USA) LLC. The Henderson, Nev.-based, 3,592-acre development and resort community, known as Lake Las Vegas Resort, which filed for Chapter 11 on July 17 with 14 affiliates, is located 20 miles east of the center of Las Vegas. - Jamie Mason

Highland seeks capital infusion
Bankrupt Lubbock, Texas-based Highland Medical Center LP is seeking a capital infusion so it can reorganize and thus sidestep a $6 million sale with a mid-August closing. The ailing Texas hospital was scrambling to attract postpetition financing that would permit a restructuring but apparently had yet to capture that funding as of late Friday. - Terry Brennan

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