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First Mode’s Chapter 11 cases have reached their administrative endpoint: Bankruptcyobserver reports a May 1, 2026 case-closed entry, after Judge Karen Owens entered the Final Decree and Order Closing Chapter 11 Cases on March 31. The order closed the First Mode Holdings and Synchronous LLC cases effective on entry, terminated Omni’s claims and noticing services after wind-down tasks, and left the plan administrator responsible for remaining quarterly reports and U.S. Trustee fees within 30 days.
For professionals tracking recoveries, this moves the file out of active Chapter 11 administration and into post-confirmation cleanup. The court retained jurisdiction over disputes tied to the final decree, and parties may still seek to reopen the cases for cause, but the docket posture has shifted from restructuring execution to residual plan-administration obligations.
First Mode Holdings filed Chapter 11 in Delaware on December 15, 2024 with affiliate Synchronous LLC, listing estimated assets of $10,000,001-$50 million and liabilities of $50,000,001-$100 million. The debtors entered court as a decarbonization technology developer for ultra-class mine trucks and rail locomotives whose business had become heavily tied to Anglo American, which held about 81.4% of the equity and also served as the primary customer and lender source filing source filing.
The first-day declaration ties the filing to Anglo’s August 2024 termination notices, which cut off the operating relationship and accelerated at least $69.7 million of secured debt. First Mode also estimated about $27 million of trade debt and said its workforce had fallen from roughly 228 employees plus 23 temporary workers to a core group of about 66. The filing came with a same-day restructuring package: an RSA with Anglo, a $26 million DIP commitment, and a stalking-horse APA with Cummins for $15 million plus assumed liabilities, with a significant employee transition to the buyer contemplated source filing.
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