New Delaware Chapter 11 Filing – Verengo, Inc.
Verengo, Inc., a well-known installer of residential solar power systems, filed for Ch. 11 in the United States Bankruptcy Court for the District of Delaware (Case No. 16-12098). Verengo attributes its filing to quality issues with its former operations in the eastern United States. Despite selling its northeast operations to NRG Energy, Inc. and restructuring its remaining lines of business, Verengo is unable to service its current debts. Verengo indicates that it will pursue a sale under 11 U.S.C. 363(c). Crius Solar Fulfillment, the proposed DIP Lender, is also the proposed stalking horse. The petition (including the consolidated list of top 20 creditors), the first day declaration and the docket are available through Upshot Services LLC.
As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.
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