Reported about 1 month ago
Lumio, a residential solar panel provider, has filed for Chapter 11 bankruptcy in Delaware, intending to sell its business to its main lender, White Oak Global Advisors, through a $100 million credit bid. This move reflects challenges within the US solar industry due to subsidy changes and rising interest rates, affecting affordability for homeowners. Despite the bankruptcy, Lumio assures that operations will continue unaffected and plans to secure employee equity ownership should White Oak's bid succeed.
Source: YAHOO