Consensual Final Cash Collateral Order Entered in In re SSI Technology, Inc.

December, 2014

In the Chapter 11 case of In re SSI Technology, Inc. (Detroit), a Midwest defense industry supplier, S&W represents the official committee of unsecured creditors.  On December 23, 2014 the Court entered a stipulated Final Cash Collateral Order allowing the company to continue to operate in Chapter 11, preserving the going concern value of the company for the benefit of creditors.  The terms of the Final Cash Collateral Order was heavily negotiated for weeks, and came at the heels of multiple motions to convert the case to Chapter 7.  S&W took a lead role in the case immediately upon the formation of the Committee and the Committee’s retention of S&W as counsel, proposing and negotiating the terms of the appointment of an independent financial advisor to re-start and oversee the operations of the company, stabilizing the case and creating the environment to permit the entry of the Final Cash Collateral Order.  The Committee is currently in discussions with the Debtor regarding a plan to pay the unsecured creditors a significant distribution.