Crown Boiler Co., LLC

Crown Boiler Co., LLC is roughly five months into a liquidating Chapter 11 in the Western District of Pennsylvania before Judge John C. Melaragno, operating on contested cash collateral while it pursues a Section 524(g) asbestos trust under a lender-imposed milestone schedule that runs to a January 2027 confirmation target. The Pennsylvania boiler manufacturer filed a voluntary petition on February 25, 2026 voluntary Chapter 11 petitionDkt. 1 to resolve decades of legacy asbestos exposure: per the first-day affidavit of parent-company CFO Nick Ribich, Crown had been named in roughly 1,521 asbestos lawsuits with 434 claims still open at filing, having already paid over $25 million in claim settlements and $19 million in defense costs first-day affidavit of CFO Nick RibichDkt. 50. A subsidiary of Burnham Holdings, Inc., the company had wound operations down to zero employees by late 2025 and entered the case to liquidate rather than reorganize, with its capital structure dominated by a $72 million prepetition revolving facility—$39.6 million to Fulton Bank, N.A. and $32.4 million to PNC Bank, N.A.—secured by substantially all personal property that the schedules value at only about $3.6 million.

The cash-collateral fight set the case's trajectory. Crown sought authority to use cash collateral and to join a waiver and third amendment to the credit agreement cash collateral and credit-agreement waiver motionDkt. 73, but Fulton Bank, as administrative agent, filed a limited objection consenting only through interim periods and subject to a demanding covenant package: a $1.5 million cap on affiliate debtor-in-possession financing, bi-weekly budget-to-actual reporting with a 10% line-item variance limit, monthly lender meet-and-confers, and a full case-milestone calendar . That calendar requires appointment of a future asbestos claimants' representative, circulation of draft Section 524(g) trust documents and a plan term sheet by July 20, 2026, a filed plan and disclosure statement by September 23, 2026, and a confirmation order by January 21, 2027.