After speaking with the shareholders, who hold 70 percent interest in senior secured notes, they have agreed to the idea of selling the company at auction. The proceeds would be used to pay off the remaining debts, which come in at $458.6 million as outlined in the bankruptcy documents. There is already an initial bidder who has voiced its intention of purchasing the company before it has even gone up on the auction block.The company recently spoke about its financial failure, blaming competition from China, which has gained several government-subsidized contracts to make solar panels. In addition, the years 2010 and 2011 saw a massive overcapacity in solar panels that led to a serious decline in asking prices.
Filing for Chapter 11 in Texas can be perplexing. If you’re company is considering this form of bankruptcy, take the time to contact a San Antonio Chapter 11 bankruptcy attorney from our law office who can provide legal advice and support.