April 25, 2017 4:02 AM ET

Semiconductors and Semiconductor Equipment

Company Overview of Suniva Inc.

Company Overview

Suniva Inc. designs and manufactures monocrystalline photovoltaic solar cells and modules for residential, commercial, government, and micro-utility applications. It offers its products through distributors, resellers, and sales representatives in the United States and internationally. Suniva Inc. was formerly known as Solarity Inc. and changed its name to Suniva Inc. in September 2007. The company was founded in 2006 and is headquartered in Norcross, Georgia. As of October 15, 2015, Suniva Inc. operates as a subsidiary of Shunfeng International Clean Energy Limited. On April 17, 2017, Suniva, Inc. filed a voluntary petition for reorganization under Chapter 11 in the US Bankruptcy Court for ...

5765 Peachtree Industrial Boulevard

Norcross, GA 30092

United States

Founded in 2006

Phone:

404-477-2700

Fax:

404-477-2709

Key Executives for Suniva Inc.

Chairman, Chief Executive Officer and President
Founder, Chief Technology Officer and Director
Chief Financial Officer
Age: 59
Executive Vice President of Corporate Operations
Age: 56
Executive Vice President of Commercial Operations
Compensation as of Fiscal Year 2016.

Suniva Inc. Key Developments

Interim DIP Financing Approved for Suniva Inc.

The US Bankruptcy Court gave an order to Suniva, Inc. to obtain DIP financing on an interim basis on April 19, 2017. As per the order, the debtor has been authorized to obtain a revolving credit facility in the amount of $1.42 million out of total facility of $4 million from SQN Asset Servicing, LLC. The DIP loan would carry an interest rate of 12% p.a. and increase in interest by 1% in the event of extension period. In the event of default, the interest will increase by 2%. As per the terms of the DIP agreement, the loan carries a closing fee of $0.10 million, arrangement fee of 3%, unused line fee of 2% payable monthly in kind. If SQN does not provide exit financing and do not provide financing for the sale then debtor will pay plan of reorganization fee and sale sucess fee of $0.10 million each, or otherwise $0.08 million each. If obligation relating to DIP facility are paid in full on maturity date, then exit fee of 3% will be paid. The DIP facility would mature either on January 30, 2018 or on the effective date of the plan, whichever is earlier. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out of $0.08 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral. Final hearing is scheduled for May 11, 2017.

Suniva Inc to Lay Off 59 in Michigan

Suniva Inc.'s decision to reduce its workforce, will affect 59 employees at its Saginaw facility in the state of Michigan. This is according to a WARN notice filed with the Michigan Workforce Development Agency at the end of March 2017. In it the company says additional job cuts are possible, but such have not been scheduled at this time.

Suniva Plans Layoffs Due to Global Overcapacity, Price Pressure

Suniva Inc. announced that it will significantly reduce its workforce at the manufacturing plants in Georgia and Michigan, cutting jobs in all areas of company operations. The company said it has been hurt by the expanding global overcapacity, particularly in Asia, and the surge in foreign imports which are resulting in lower prices of photovoltaic (PV) equipment in the US. It did not say how many workers will have to go at Norcross, Georgia and Saginaw, Michigan.

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April 17, 2017
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