Written by by AMY FURR at breitbart.com
A U.S.-based residential solar panel company, part of whose goal is to “help the planet,” has filed for Chapter 11 bankruptcy.
Lumio made the announcement on Tuesday amid “a value-maximising sale process,” Renewables Now reported.
The website said the firm has “inked a USD-100-million (EUR 90.4m) stalking horse asset purchase agreement with its major senior secured lender.” The site continued:
The stalking horse deal was signed with an affiliate of White Oak Global Advisors LLC which has committed to buying all of Lumio’s assets for consideration in the form of a credit bid. If selected as the successful bidder, the investment advisor intends to offer significant equity ownership to the company’s employees, a press statement says.
According to the Lumio website, the firm’s goal is to help people save money, help the planet, and work toward energy independence by using solar.“
Switching to solar power is an excellent option for those who want to reduce their carbon footprint and contribute to a more sustainable future without breaking the bank or sacrificing their lifestyles,” the site reads.