Anne Burns, the trustee in charge of Tricolor Holdings, can operate some parts of the business to secure Tricolor’s assets and records, a judge has ruled. U.S. Bankruptcy Court for the Northern District of Texas Dallas Division Judge Michelle Larson approved a motion on Oct. 3 allowing Burns to minimally operate Tricolor until Jan. 9, […] The post Judge allows Tricolor trustee to operate business in limited capacity appeared first on Auto Finance News.| Auto Finance News
Tricolor Holdings’ new loan servicer, Vervent, is facing collateral usage restrictions and demands from creditors to reclaim their auto parts in wake of the subprime lender’s Chapter 7 bankruptcy. Lender TBK Bank filed a notice Sept. 29 stopping Tricolor’s trustee from the surcharge, sale or use of its collateral. TBK also “demand[s] adequate protection of […] The post TBK Bank objects to Tricolor servicers using its collateral appeared first on Auto Finance News.| Auto Finance News