Verengo, Inc., a well-known installer of residential solar power systems, filed for Ch. 11 in the United States Bankruptcy Court for the District of Delaware (Case No. 16-12098). Verengo attributes its filing to quality issues with its former operations in the eastern United States. Despite selling its northeast operations to NRG Energy, Inc. and restructuring its remaining lines of business, Verengo is unable to service its current debts. Verengo indicates that it will pursue a sale under 11 U.S.C. 363(c). Crius Solar Fulfillment, the proposed DIP Lender, is also the proposed stalking horse. The petition (including the consolidated list of top 20 creditors), the first day declaration and the docket are available through Upshot Services LLC.
Contact Norman L. Pernick and Nicholas J. Brannick for more information.