SteelBlue Building Components, a manufacturer of roll-up doors and hallway systems for the self-storage industry, has filed for Chapter 11 bankruptcy protection amid a working-capital squeeze despite reporting strong revenue and a backlog of more than $20 million.
The Pittsburgh-based company and affiliate Anfield Capital Newco Investors LLC filed Sept. 4 in the U.S. Bankruptcy Court for the Northern District of Georgia. SteelBlue reported between $10 million and $50 million in both assets and liabilities, and the filing indicates that funds will be available for distribution to unsecured creditors.
According to a declaration filed by CEO Richard T. Saginaw, SteelBlue generated approximately $46.1 million in fiscal 2025 revenue and $4.2 million in EBITDA. The company, which began operations in May 2022, manufactures and distributes doors and hallway systems for the self-storage, shed and light-industrial markets. It operates a 118,000-square-foot facility in Georgetown, Ky., while its main offices are in Pittsburgh.
Anfield is SteelBlue’s sole member and has no other assets or operations.
Saginaw attributed the bankruptcy filing to mounting liquidity pressures. According to his declaration, SteelBlue faced significant capital expenditure needs and greater working-capital requirements after entering the installation business and expanding into new market segments. A potential large investment was also paused in late July for further evaluation.
Saginaw said SteelBlue’s existing lender stopped lending against machinery and equipment, installation and inventory, reducing borrowing availability and contributing to a cash shortfall that disrupted production as the company’s liquidity worsened.
SteelBlue has since received interim court approval to use cash collateral to continue ordinary operations while the Chapter 11 case proceeds. The Sept. 9 order allows the company to make budgeted expenditures through Oct. 2, unless the authority is extended or terminated earlier. A final hearing on the matter is scheduled for Oct. 1 at 10 a.m.
The bankruptcy also involves competing creditor claims and disputed lien issues. Court documents describe an asserted obligation of more than $5.2 million to Austin Financial Services and a potential claim exceeding $1.5 million asserted by Samson MCA. SteelBlue disputes the perfection of Samson’s asserted liens, arguing that they are unperfected and potentially subject to avoidance under Section 544 of the Bankruptcy Code.
The interim order does not finally resolve those disputes. It preserves challenges by SteelBlue and other parties to the extent, validity, perfection, avoidability and amount of Austin Financial Services’ asserted obligations and liens, while SteelBlue’s challenge to Samson’s asserted liens also remains unresolved.
Under the interim cash-collateral order, SteelBlue must provide regular financial reporting, including budget-to-actual results and receivables and payables information. The reporting begins Sept. 18 and is required on a two-week schedule. Austin Financial Services was granted replacement liens and other protections to the extent its existing interests are ultimately determined to be valid and enforceable.
The court has extended SteelBlue’s deadline to file its schedules and statements of financial affairs to Sept. 28. The company’s continued access to operating cash and the treatment of the creditors’ asserted interests remain among the key unresolved issues as the Chapter 11 proceedings continue.
The jointly administered case is Case No. 26-61981 before U.S. Bankruptcy Judge Jeffery W. Cavender.
MSM was unable to reach SteelBlue for comment.