By May 1, 2025, the debtor said both court-approved asset sales had closed, the CPM business had gone to EraSteel, the remaining assets to Lauter Metal Technologies, all operations had stopped, and the workforce had been laid off. On that record, Crucible moved to convert rather than confirm a liquidating plan, arguing a chapter 7 trustee was the better party to administer remaining assets and evaluate litigation over the Committee’s proposed lien challenges against KeyBank, Empire State Development, and CX Industries. source filing

The court granted conversion effective May 30, 2025, stayed pending contested matters and adversary proceedings, dissolved the unsecured creditors’ committee except for final fee issues, and kept the DIP and sale orders in force. The U.S. Trustee appointed William J. Leberman as interim chapter 7 trustee the same day, shifting the case from operating restructuring to estate administration and claims resolution. source filing source filing