SiO2 Medical Products is in a plan-stage Chapter 11, with the debtor having moved from an RSA-backed filing and DIP-funded operating bridge into a proposed reorganization path, while the latest available hearing marker is an unresolved April 15, 2026 omnibus hearing tied to claims and case administration.
The case began on March 29, 2023, when SiO2 and affiliates filed Chapter 11 petitions after a capital-intensive expansion left the company with too much funded debt for its revenue base. The CEO declaration describes a medical-packaging business that had invested more than $800 million in facilities, equipment, and R&D, including a major Auburn, Alabama manufacturing platform, but generated about $50 million of 2022 revenue against roughly $430 million of funded debt; the filing also ties the liquidity strain to COVID-era capacity expansion under a BARDA arrangement and later demand shortfall after the company built vial capacity for vaccine production CEO First Day DeclarationDkt. 15.
The opening restructuring was designed as a fast in-court balance-sheet process rather than a free-form liquidation. The debtor entered Chapter 11 with an RSA, sought a $120 million DIP facility including $60 million of new-money loans, and proposed an auction process with a bid floor around $349.1 million while Oaktree’s allowed claims could convert into ownership if no superior transaction emerged CEO First Day DeclarationDkt. 15. Liquidity was presented as urgent: the interim CFO declaration said the debtors had about $4.1 million of available cash, mostly in an Oaktree-controlled reserve account, and needed DIP financing to fund operations, payroll, the marketing process, and Chapter 11 costs .
By July 2023, the debtors had filed a joint Chapter 11 plan of reorganization, confirming that the case had proceeded onto a reorganization track rather than a disclosed sale closing in the supplied record Joint Chapter 11 PlanDkt. 475. The context pack does not include a confirmation order or effective-date evidence, so the current posture should be read as an unresolved plan-stage or post-plan-administration case on the supplied materials, with claims and administration still visible through the April 15, 2026 omnibus hearing marker.
