Gissing modifies DIP plan, expands access to cash collateral

Chicago, Dec. 19 – Gissing North America LLC worked out a stipulation regarding access to its cash collateral that was approved by the U.S. Bankruptcy Court for the Eastern District of Michigan, according to an order and document filed with the court.

Gissing may use its cash collateral, or its carve-out funds, to pay professionals associated with the case, including the U.S. trustee.

The debtor-in-possession credit agreement, in an update, matures on Dec. 27, 2022.

The company revised its budget from Dec. 16 through Dec. 27.

As previously reported, the company does not have enough funding to support a liquidating plan and is working to convert the cases to Chapter 7.

The debtor and committee are working to finalize a stipulation to convert the cases effective Dec. 23.

The Bingham Farms, Mich.-based company is a manufacturer of acoustic systems for the automotive industry. The company filed bankruptcy on Aug. 8 under Chapter 11 case number 22-46160.

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