Just three years after forming, residential solar installer Lumio has filed for Chapter 11 bankruptcy.
Prior to the bankruptcy filing, Lumio entered into a stalking horse asset purchase agreement with an affiliate of White Oak Global Advisors wherein White Oak would acquire nearly all of Lumio’s assets for $100 million. Lumio expects this sales process to take two months and will continue operations as usual in the interim.
“Today’s announcement marks an important step forward for Lumio and a continuation of our deliberate efforts to position the business with the strategic, operational, and financial foundation to operate at the forefront of the solar industry as it enters its recovery phase,” said Andrew Walton, CEO at Lumio. “With enhanced financial stability and the support of new ownership following the completion of our sale process, we will be well-positioned to capitalize on growth opportunities and better serve our customers through every step of their switch to solar. As we complete our sale process, we are committed to continuing to deliver our industry leading solutions and an excellent experience to our customers across the country.”
Lumio has filed customary “first day” motions which, upon approval by the Court, will enable Lumio to continue its operations without disruption. Additional information can be found here.