Former Sungevity asks court to dismiss Chapter 11 bankruptcy cases

By Caroline Salls

Pittsburgh, July 14 – Sunco Liquidation, Inc., formerly Sungevity, Inc., asked the U.S. Bankruptcy Court for the District of Delaware to dismiss its Chapter 11 bankruptcy cases, according to a motion filed Friday.

Sunco said it closed on a sale of substantially all of its assets on April 25, and the sale resulted in the satisfaction in full of its debtor-in-possession facility obligations, the partial extinguishment of its pre-bankruptcy senior secured first-lien debt and the payment or assumption of administrative expenses accruing from post-bankruptcy operations.

The company said $2.25 million was funded into its estates for wind-down purposes.

“The debtors are unable to pursue a confirmable Chapter 11 plan because they do not have sufficient assets available to pay all administrative and priority creditors in full,” the motion said.

In addition, Sunco said it believes that the additional trustee’s fees, commissions and related costs associated with a Chapter 7 case “would make recovery in full to holders of administrative claims and expenses similarly unlikely.”

A hearing is scheduled for Aug. 16.

Based in Oakland, Calif., Sungevity is a technology-driven solar energy company. It services 13 U.S. states as well as the Netherlands, Germany and the United Kingdom. The company filed for bankruptcy on March 13 under Chapter 11 case number 17-10561.

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