Sunlight Financial files for bankruptcy, reaches deal to sell itself
31/10/2023 05:32
Oct 31 (Reuters) - Sunlight Financial SUNL.PK , which
provides financing for home solar systems, said late on Monday
it has filed for Chapter 11 bankruptcy and that it will be sold
to a consortium of investors in the solar energy industry.
The consortium, which includes an affiliate of Greenbacker
Capital Management, Sunstone Credit, IGS Ventures, and its
secured lender Cross River Bank, will invest "significant new
capital" in Sunlight Financial to reduce its debt, the company
said in a statement.
The financial details were not disclosed.
Sunlight Financial listed its assets in the range of $100
million to $500 million while liabilities were between $500
million to $1 billion, according to an Oct. 30 filing with U.S.
Bankruptcy Court for the District of Delaware.
In 2021, Sunlight Financial went public by merging with
Apollo-backed Spartan Acquisition Corp II in a $1.3-billion
deal, that included investments by a group led by venture
investor Chamath Palihapitiya.
(Reporting by Maria Ponnezhath in Bengaluru; Editing by Mrigank
Dhaniwala)
((Maria.Ponnezhath@thomsonreuters.com; +91 8061822749;))