Gissing North America modifies DIP agreement

Chicago, Nov. 21 – Gissing North America LLC is working to revise its debtor-in-possession credit agreement to modify the maturity date and accommodate an escrow agreement from Friday, according to an order filed with the U.S. Bankruptcy Court for the Eastern District of Michigan.

The escrow agreement relates to the sale of the company’s asset.

Gissing also submitted a revised budget.

The debtor is also asking to use its cash collateral from Nov. 22 through the maturity date.

Separately, but related, the official committee of unsecured creditors and the prepetition lenders are seeking an extension to the challenge period for the financing, through Dec. 5.

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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