Construction and Engineering
Company Overview of Verengo Inc.
Verengo Inc. installs solar photovoltaic systems that enable homeowners to save money on their electricity bills. It also markets and sells solar panels and semiconductor-based micro inverter systems. In addition, the company offers a range of other energy-saving products to help users to conserve the energy generated from their solar systems. It provides solar solutions to homeowners in California, New Jersey, and New York. Verengo Inc. has a strategic channel alliance with Clean Power Finance. The company was founded in 2008 and is based in Torrance, California with additional offices in East Berlin, Connecticut; Blauvelt, New York; and Jackson, New Jersey. As of May 15, 2017, Verengo Inc....
20285 South Western Avenue
Torrance, CA 90501
Founded in 2008
Key Executives for Verengo Inc.
Vice President of Human Resources
Compensation as of Fiscal Year 2017.
Verengo Inc. Key Developments
Fourth Amended DIP Financing Approved for Verengo Inc.
May 9 17
The US Bankruptcy Court gave an order approving the fourth amendment to DIP credit agreement to Verengo, Inc. on May 9, 2017. As per the order, the maximum loan amount has been increased to $3.30 million. The other terms of the agreement remains the same.
Second Amended Reorganization Plan and Disclosure Statement Approved for Verengo Inc.
Apr 24 17
The US Bankruptcy Court approved the second amended plan of reorganization and related disclosure statement of Verengo, Inc. on April 24, 2017. The debtor had filed its second amended plan of reorganization and related disclosure statement on March 29, 2017. As per the plan, administrative claims of $0.05 million, professional fee claims and priority tax claims will be paid in full in cash. The DIP claims $2.65 million will be paid through issuance of new equity. The priority non-tax claims and secured claims of less than $0.1 million will be paid in cash in full. Crius Prepetition Secured Claims will be paid through issuance of new equity. The general unsecured claims of $15.8 million will be paid $0.42 million in cash in full satisfaction. Crius Unsecured Deficiency Claims and general unsecured claims will be paid the Pro Rata share of its beneficial interest in the Distribution Trust. No Distributions will be made on account of any Equity Interests and all Equity Interests shall be deemed cancelled and extinguished. The plan will be funded from cash in hand, ongoing business operations and issuance of new equity.
Second Amended Reorganization Plan and Disclosure Statement Filed by Verengo Inc.
Mar 29 17
Verengo, Inc. filed a second amended plan of reorganization and related disclosure statement in the US Bankruptcy Court on March 29, 2017. As per the motion, the administrative claims of $0.05 million, secured claims of less than $0.1 million will be paid in cash in full and general unsecured claims of $15.8 million will be paid $0.42 million in cash in full satisfaction. There is no change in treatment of various claimant classes. Verengo, Inc. filed a plan supplement to second amended plan of reorganization and related disclosure statement in the US Bankruptcy Court on April 13, 2017. The treatment of various claim classes remains the same.
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