Sungevity cancels auction, to seek approval of $50 million credit bid

By Caroline Salls

Pittsburgh, April 11 – Sungevity, Inc. cancelled the auction for its assets and will seek court approval to sell the assets to the stalking horse bidders, according to a notice filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, Sungevity entered into an asset purchase agreement with a group of investors, led by Northern Pacific Group.

Under the terms of the agreement, Northern Pacific Group will acquire substantially all of the company’s assets, including the equity interests in Sungevity’s European operations, in exchange for a $50 million credit bid.

Sungevity said no other bids were submitted by the deadline of 5 p.m. ET on April 10.

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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