Gissing lacks funding for liquidating plan, eyes conversion of case

By Sarah Lizee

Olympia, Wash., Dec. 9 – Gissing North America LLC told the official committee of unsecured creditors recently that it doesn’t have enough funding to support a liquidating plan, and it will now stipulate to conversion of its cases to Chapter 7, according to documents filed with the U.S. Bankruptcy Court for the Eastern District of Michigan.

As previously reported, the committee had asked for the conversion in mid-November.

The company was given until Jan. 25 to file a plan.

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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