Silver Creek gets final OK to access cash collateral, closes sale

By Sarah Lizee

Olympia, Wash., June 8 – Silver Creek Industries LLC received final approval to access cash collateral, according to an order filed Thursday with the U.S. Bankruptcy Court for the Central District of California.

The order authorizes the debtor to use any cash collateral of First-Citizens Bank & Trust Co., successor by merger to CIT Bank, NA, as lender and as administrative agent, as well as any other secured claimants with an interest in cash collateral.

Also, the company closed the sale of its assets to stalking horse bidder Silver Creek Modular, LLC, a wholly owned subsidiary of Webb Investments Co., LLC. The purchase price was $15.7 million.

Silver Creek Industries is a modular construction company based in Perris, Calif. The company filed Chapter 11 bankruptcy on April 24 under case number 23-11677.

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