HouseCanary bankruptcy gets first day court approval

HouseCanary received U.S. Bankruptcy Court approval for its first-day motions and access to debtor-in-possession financing, allowing the company to continue normal operations while it moves through its Chapter 11 reorganization, according to an announcement from the company Thursday evening. HouseCanary filed for chapter 11 bankruptcy protection on Tuesday seeking to prevent an undisclosed lender from seizing HouseCanary and selling its operations, after the company defaulted on a $30 million loan in January of this year. At a hearing Thursday afternoon, U.S. Bankruptcy Court for the District of New Jersey approved relief that lets the San Francisco-based property intelligence and valuation platform maintain customer programs, meet employee obligations and continue ordinary-course business operations, the company said. The court also granted access to debtor-in-possession (DIP) financing to provide additional liquidity during the Chapter 11 process. A further hearing is expected in October to consider approval of additional DIP financing. The company said its customer-facing operations, including products, data services and support, are continuing without interruption and that it e...