California-based solar installer HelioPower, which filed for bankruptcy in April 2017, has now announced its successful restructuring and has emerged from bankruptcy. Today (Aug. 22), the company announced that it’s completed its corporate and financial reorganization and has de-leveraged the company’s ongoing business while stabilizing its financial health.
The company provides solar for residential and commercial clients. With those, and other services it offers, aimed at reducing customers’ energy costs in the US and abroad.
The company filed for Chapter 11 protection on April 25, 2017. The U.S Bankruptcy Court for the District of Nevada “This is a significant day for HelioPower,” said Mo Rousso, president and founder of HelioPower. “We’ve accomplished a complex restructuring in a very short time period and with our strengthened financial flexibility, we will now focus on our industry leading capabilities by providing integrated energy solutions to homeowners and businesses alike.”
HelioPower filed its Chapter 11 petition less than 4 months ago, on April 25, 2017, with the US Bankruptcy Court for the District of Nevada. The company had liabilities of up to $10 million and had been shored up by $3 million from its parent company Sierra Nevada Solar (SNS). It also had up to 5,000 creditors at the time, according to court filings. The company had blamed the filing to 60-to-90 day lags in payments from services rendered.
“It is with deep satisfaction that we close this challenging chapter of HelioPower’s story, emerging from bankruptcy as a stronger company.” Mo continued, “We thank our creditors for working with us to make this new beginning possible, as well as our employees, our customers, our suppliers and our advisors. We look forward to returning to focus on providing high quality integrated energy solutions to our customers.”
The filing and quick recovery shows that not all solar companies filing for bankruptcy will ultimately fail. In another case, SolarWorld Americas, whose German parent filed for insolvency has arranged to keep operations open throughout 2017 with additional funding, for instance. But it also shows that the problem some companies face is recovering debt owed to them for services rendered.Tweet