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From Breitbart: A U.S.-based residential solar panel company, part of whose goal is to “help the planet,” has filed for Chapter 11 bankruptcy.
Lumio made the announcement on Tuesday amid “a value-maximising sale process,” Renewables Now reported.
The website said the firm has “inked a USD-100-million (EUR 90.4m) stalking horse asset purchase agreement with its major senior secured lender.” The site continued:
The stalking horse deal was signed with an affiliate of White Oak Global Advisors LLC which has committed to buying all of Lumio’s assets for consideration in the form of a credit bid. If selected as the successful bidder, the investment advisor intends to offer significant equity ownership to the company’s employees, a press statement says.
According to the Lumio website, the firm’s goal is to help people save money, help the planet, and work toward energy independence by using solar.
In their report, Breitbart points out that in May 2023, Joe Biden sided with suspected Chinese manufacturers by vetoing a bipartisan plan to restore United States tariffs on solar panels made in the communist country
Lumio, a privately owned provider of residential solar panels, filed bankruptcy with a plan to sell its business to its primary lender, White Oak https://t.co/WcHe9IMSx9
— Bloomberg (@business) September 3, 2024
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