PVTIME – Lumio, a Utah-based residential solar provider, recently filed for Chapter 11 bankruptcy protection in the US Bankruptcy Court in Delaware. The company plans to continue the sale process through operations in less than two months.
Lumio has entered into a pre-petition asset purchase agreement with its primary senior secured lender, White Oak Global Advisors. White Oak is proposing to acquire substantially all of Lumio’s assets for $100 million in a credit bid. If selected as the successful bidder, White Oak intends to offer significant equity ownership to Lumio’s employees. At the beginning of August 2024, Lumio had a wave of layoffs. The company currently employs 1,250 people.
“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 of 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.”
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