Sungevity asset sale procedures approved; auction set for April 12

By Caroline Salls

Pittsburgh, March 29 – Sungevity, Inc. received court approval of the bid procedures for the proposed sale of its assets, according to an order filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

Sungevity entered into an asset purchase agreement with a group of investors led by Northern Pacific Group and Hercules Capital, Inc.

Under the terms of the agreement, the stalking horse bidders would acquire substantially all of the company’s assets, including the equity interests in the European operations, in exchange for a $50 million credit bid.

If the stalking horse bidders are not the high bidder for the assets, Sungevity will pay them a $500,000 break-up fee and reimburse up to $500,000 of their sale-related expenses.

Competing bids are due by 5 p.m. ET on April 10, and an auction will be held on April 12, if necessary.

The sale hearing is scheduled for April 17.

Based in Oakland, Calif., Sungevity is a technology-driven solar energy company, which enables users to get a quote without a site visit. It services 13 U.S. states as well as the Netherlands, Germany and the United Kingdom. The company filed bankruptcy on March 13 under Chapter 11 case number 17-10561.

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