SteelBlue Building Components won interim authority on September 9, 2026, to use cash collateral to fund ordinary operations while preserving challenges to its lender’s claims and liens. The order authorized budgeted spending through October 2, subject to earlier termination, and scheduled a final hearing for October 1. It gave the door manufacturer temporary access to operating cash following its Chapter 11 filing; it does not resolve the competing assertions over its assets. Interim cash-collateral order, pp. 4–9
The order records an asserted obligation exceeding $5.2 million to Austin Financial Services and a potential claim exceeding $1.5 million by Samson MCA. SteelBlue disputes the perfection of Samson’s asserted liens. These amounts are creditor assertions described in the order, rather than adjudicated debt balances. Interim cash-collateral order, pp. 2–3
Cash access comes with spending limits and lender protections
The interim order authorizes SteelBlue to use cash subject to Austin Financial Services’ asserted interests for ordinary-course expenses within an attached budget. It permits a 10% variance on aggregate disbursements during a calendar month and allows unpaid expenses to carry into subsequent budget months. Prepetition claims require specific court approval before they can be paid from cash collateral. Interim cash-collateral order, p. 5
In exchange, Austin Financial Services receives replacement liens to protect against diminution in the value of its collateral interests. Those liens retain the priority, if any, of its prepetition interests and apply only to the extent its original liens are valid, enforceable and non-avoidable. The replacement collateral excludes specified avoidance actions and their proceeds. The order also provides a superpriority administrative claim if the replacement liens do not adequately protect the lender’s interests. Interim cash-collateral order, pp. 6–7
SteelBlue must provide budget-to-actual variance reports, receivables aging, payables detail and other financial reporting on a two-week schedule beginning September 18. The practical question is whether collections and spending remain consistent with the budget while the company seeks continued authority to use cash collateral. Interim cash-collateral order, pp. 7–8
Samson’s lien position remains disputed
The debtors presented evidence that an August 18 Delaware UCC search showed one active financing statement against SteelBlue, in favor of Austin Financial Services, and none in favor of Samson. On that basis, the debtors assert that any Samson liens on SteelBlue’s personal property, receivables and other intangible assets are unperfected and subject to avoidance under Bankruptcy Code section 544. The order describes the debtors’ position; it does not adjudicate Samson’s liens as avoided. Interim cash-collateral order, p. 3
Austin Financial Services’ position is also subject to reserved challenges. The order expressly preserves the ability of the debtors, creditors, a committee or a later-appointed trustee to challenge the extent, validity, perfection, avoidability or amount of its obligations and liens. Interim adequate protection therefore does not establish a final claims allowance or lien determination. Interim cash-collateral order, pp. 8–9
Revenue growth did not prevent a working-capital squeeze
SteelBlue manufactures and distributes self-storage and commercial doors and hallway systems for the self-storage, shed and light industrial markets. According to chief executive Richard T. Saginaw’s first-day declaration, it began operations in May 2022 and operates a 118,000-square-foot facility in Georgetown, Kentucky, with its main offices in Pittsburgh. Anfield, the other debtor, is SteelBlue’s sole member and has no other assets or operations. First-day declaration, pp. 1–2
Saginaw reported approximately $46.1 million in fiscal 2025 revenue and $4.2 million in EBITDA, alongside a contract backlog exceeding $20 million at filing. Those historical earnings and contracted sales did not eliminate the company’s immediate need for cash. First-day declaration, pp. 2–3
In Saginaw’s account, a potential large investment was paused in late July for further evaluation. He attributed the subsequent liquidity pressure to capital expenditure needs, higher working-capital requirements from installation work and new market segments, and reduced borrowing availability. He said the existing lender stopped lending against machinery and equipment, installation and inventory, disrupting production as liquidity worsened. These are management’s explanations for the filing. First-day declaration, p. 3
September Operating Relief and Its Limits
The court’s September 11 order extended the deadline for schedules and statements of financial affairs through September 28. Separately, the court authorized Epiq’s retention as claims and noticing agent effective as of the petition date. Schedules extension order, pp. 1–2; Epiq retention order, pp. 1–2
The September 9 cash-collateral order scheduled a final hearing for October 1, 2026, at 10 a.m., and authorized usage through October 2 unless extended by further order or written agreement, subject to earlier termination. Those dates describe the interim order's terms. This account's September 11 evidence cutoff does not establish the hearing outcome or later cash-collateral authority. Interim cash-collateral order, pp. 5–6, 9
Sources
Interim cash-collateral order, pp. 4–9 /documents/ac325d61-f5b8-4d6f-bc40-4bbee91cf8f1/
First-day declaration, pp. 1–2 /documents/9a5890e9-6201-4f3a-ac8c-7849648090e7/
Schedules extension order, pp. 1–2 /documents/953f5548-c647-4cf3-8a56-ad7da0588349/
Epiq retention order, pp. 1–2 /documents/33ba98ad-e3c1-48a2-8191-17e3b9ef9bec/
This article was researched and written with AI assistance, using court filings, public records, and news sources. AI-generated content can contain errors. Verify all information against primary sources before relying on it. This is not legal or financial advice. See the disclaimer.