New Delaware Chapter 11 Filing – Suniva, Inc.
Suniva, Inc., a manufacturer of solar cells and solar modules based in Norcross, GA, has filed a petition for relief under Chapter 11 in the United States Bankruptcy Court for the District of Delaware (Case No. 17-10837). Suniva’s petition reports $10 – $50 million in assets and $100 – $500 million in liabilities. According to the First Day Declaration, Suniva’s filing was caused by Suniva’s incurrence of significant debt as part of a planned expansion of its production facilities, coupled with downward pressure on solar cell prices caused by foreign competition. The case has been assigned to the Honorable Kevin Gross. The Garden City Group, LLC is the proposed claims agent.
Contact Norman L. Pernick and Nicholas J. Brannick for more information.
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As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.
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