Rate Snafu Pushes Solar-Panel Loan Arranger Into Bankruptcy
- Sunlight Financial inks deal to sell itself out of Chapter 11
- Company incurred losses selling low-rate loans after Fed hikes
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Solar-panel loan arranger Sunlight Financial Holdings Inc. went bankrupt after rising interest rates mangled its balance sheet and dampened demand for its offerings.
The company sought Chapter 11 protection in Delaware on Monday, listing liabilities of at least $500 million and assets of at least $100 million in its bankruptcy petition. The filing lets Sunlight keep operating while it seeks court approval of a deal to sell itself.