Tubular Synergy Group is now in Chapter 7 following a court-approved asset sale and the expiration of its Chapter 11 cash-collateral authority, leaving the estate on a trustee-administered wind-down rather than an operating reorganization. The debtor’s path through Chapter 11 was a sale process funded by use of existing lender collateral, not new-money DIP financing, and no further hearing or restructuring milestone is identified.

The Dallas-based distributor of oilfield casing, tubing, and line pipe commenced Chapter 11 on July 9, 2024 through its voluntary petitionDkt. 1. The filing followed borrowing-base compliance defaults under its CIT Northbridge revolving facility, default notices beginning in April 2024, and lender cash sweeps that restricted liquidity and disrupted operations. At filing, CIT Northbridge was owed approximately $39.3 million on its first-lien revolver and special-advance structure, while a subordinated Tyburn Ventures note added $3 million; those obligations and the liquidity pressure leading to the filing are described in the first-day declarationDkt. 10.

The debtors initially stabilized operations through interim and then final authority to use CIT Northbridge’s cash collateral. They moved into a Section 363 sale process in late August 2024, obtained bidding procedures in September, and held an auction on October 18. Centric Pipe emerged as the winning bidder at approximately $14.5 million, and the court approved the sale on October 24. Cash-collateral authority was later extended only through December 16, 2024; with the sale completed and no standalone reorganization path remaining, the cases converted to Chapter 7 effective January 13, 2025.