Solar company Sungevity files for bankruptcy, agrees to sell assets

Solar company Sungevity files for bankruptcy, agrees to sell assets

Solar company Sungevity files for bankruptcy, agrees to sell assets

Sungevity, an Oakland, Calif. -based installer and financier of residential solar energy systems including in CT, filed for bankruptcy protection under chapter 11 with the goal of getting judicial approval for a sale that would wipe debt off its balance sheet while allowing it to stay in business.

A collection of investors, led by Northern Pacific Group, has agreed to take control of Sungevity's assets in exchange for $20 million in financing to keep the company's operations going.

In an announcement, California-based Sungevity reveals it has commenced voluntary Chapter 11 proceedings in U.S. Bankruptcy Court for the District of DE - a decision Sungevity will help facilitate a financial and corporate restructuring to strengthen its balance sheet and recapitalize the company. If approved by the bankruptcy court, Northern Pacific would obtain essentially all of the assets of Sungevity.

It says operations will continue as normal during a restructuring. The agreement sets the floor, or minimum acceptable bid, for an upcoming court-supervised auction.

With those acquisitions, "Crius shifted its focus exclusively to serving customers through our house brand, Crius Solar, and does not expect the Sungevity bankruptcy to have any material impact on our operations or customers", said a Crius spokesperson.

In connection with the restructuring process, the company has entered into an asset purchase agreement with a group of investors, led by Northern Pacific Group. The investment group has committed to provide up to United States dollars 20 million (EUR 18.8m) in financing to Sungevity so it could support its day-to-day operations and fund the sale process.

While Sungevity's European operations are part of the transaction, their day-to-day operations will not be impacted as a result of the Chapter 11 proceedings in the U.S. "We believe that this represents a step forward for the company", Sungevity Chief Executive Andrew Birch said in a statement. "Sungevity has always been a pioneer in the field of residential solar installation, and we believe that this represents a step forward for the company".

Recommended News

  • Rainbow Six Siege's New Patch Update Buffs Glaz, Doc, and Buck

    Rainbow Six Siege's New Patch Update Buffs Glaz, Doc, and Buck

    Also, Buck has an extra magazine for his "skeleton key" aka his shotgun-which-can-blast-huge-holes-in-walls. These new changes should put a new spin on Rainbow Six Siege to give players more reasons to keep playing.

    American International Group, Inc. (NYSE:AIG) Assigned A Consensus Outperform Rating

    Equities research analysts expect that American International Group will post $4.99 EPS for the current fiscal year. Lincluden Management Ltd. raised its stake in shares of American International Group by 0.7% in the second quarter.
    Spring forward: 2017 daylight saving time begins on Sunday

    Spring forward: 2017 daylight saving time begins on Sunday

    The bill also amended the Uniform Time Act on 1966 that changed the start and end dates of daylight savings time starting in 2007. State governments and other groups have made efforts to have the practice overturned via legislation or online petitions .
  • This Is Why Stelena Didn't End Up Together on 'The Vampire Diaries'

    This Is Why Stelena Didn't End Up Together on 'The Vampire Diaries'

    But this leaves Dobrev free to try out alternatives in the world of dating before she settles down with "the one". It was this ending Plec envisioned and was going to make happen until Nina Dobrev left the show.

    Should You Sell Seagate Technology. Based On Current Broker Views?

    Seven Bridges Advisors LLC acquired a new stake in shares of Seagate Technology PLC during the third quarter worth about $107,000. Susquehanna Bancshares Inc reissued a neutral rating on shares of Seagate Technology PLC in a report on Saturday, January 28th.

    Green dye pumped into Chicago River for St. Paddy's Day

    Plumbers use an orange dye to detect leaks in building foundations and to root out illegal sewage discharges into the river. The day itself does not fall until Friday, and Chicago was one of a few cities to kick things off early.
  • Pentatonix will Perform at Wisconsin State Fair

    Pentatonix will Perform at Wisconsin State Fair

    The Wisconsin State Fair will run Thursday, Aug. 3 through Sunday, Aug. 13 at Wisconsin State Fair Park in West Allis. Meanwhile, Kip Moore will take the Main Stage on Saturday, Aug. 5 at 8 p.m., along with opening act Maggie Rose .
    LaVar Ball's Wiki: Could Ball Really Beat Michael Jordan?

    LaVar Ball's Wiki: Could Ball Really Beat Michael Jordan?

    He transferred there from Washington State, where he barely saw the floor, averaging 2.2 points per game in 1987-88. LaVar is a 49-year-old basketball dad , who stands at six-foot-six and weighs 270 pounds.
    Vanessa Grimaldi and Nick Viall Will NOT Get Married

    Vanessa Grimaldi and Nick Viall Will NOT Get Married

    Viall also admitted the couple has already had their struggles off-camera and that a wedding date isn't even on the table. She also expressed hesitation about uprooting her life in Canada to continue her relationship with The Bachelor star.
  • Brokers Recommendations on: Ares Capital Corporation (NASDAQ:ARCC)

    Analysts are also projecting an Average Revenue Estimate for Ares Capital Corporation as $292.47 Million in the Current Quarter. Stock exchanged hands with the total volume of 3.12 Million shares, as contrast to its average volume of 4.81 Million shares.
    Kingdom Hearts 3 Expected Release Date and More

    Kingdom Hearts 3 Expected Release Date and More

    Sora clash in Thebes in the image actually depicts a battle scene against the Rock Troll, which is to be treated as a "mid-boss". In addition, the game's mobile version will introduce new story chapters and an origin story that Square Enix highly recommends.
    'The Bachelor' Season 21 Finale Preview: Who Will Get the Final Rose?

    'The Bachelor' Season 21 Finale Preview: Who Will Get the Final Rose?

    Read on to find out everything you need to know about the season finale of The Bachelor and what time The Bachelor finale starts. Viall, who has appeared four times on "Bachelor" spin offs, is nearly like a recurring character in the franchise at this point.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.