Residential Solar Firm Lumio Files Bankruptcy, Plans to Sell
- Company has a deal to sell itself to primary lender, White Oak
- Chapter 11 filing comes weeks after SunPower filed bankruptcy
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Lumio, a privately owned provider of residential solar panels, filed bankruptcy with a plan to sell its business to its primary lender, White Oak Global Advisors LLC.
The Utah-based company filed Chapter 11 on Tuesday in Delaware listing assets and liabilities each of between $100 million and $500 million. The sale to White Oak is in the form of a $100 million credit bid, subject to better offers, Lumio said in a statement. That means White Oak will use debt it’s owed toward the purchase of the solar business.