Daylight Monetary Holdings introduced that it is going to be acquired by a consortium of established traders within the photo voltaic power business, together with an affiliate of Greenbacker Capital Administration, Sunstone Credit score, IGS Ventures and others, in addition to its secured lender, Cross River Financial institution, and has entered right into a Restructuring Assist Settlement to scale back its debt burden whereas strengthening its stability sheet. The settlement additionally outlines the anticipated restructuring plan between Daylight and the Restructuring Assist Events.
“We’re excited for Daylight’s future,” stated Matt Potere, CEO of Daylight Monetary. “Our settlement and transaction with our present companions and the Consortium is a powerful vote of confidence in Daylight’s platform and the corporate’s development prospects. Daylight will emerge from this course of in a stronger place, with the assets to put money into our platform and our folks, each in service of our companions.”
As a part of the method, Daylight Monetary has filed voluntary petitions for reorganization beneath Chapter 11 of the U.S. Chapter Code to implement the acquisition. Daylight Monetary will request an expedited in-court course of, which is able to enable the corporate to rapidly exit Chapter 11.
Commerce collectors, suppliers and contractors shall be paid within the bizarre course of enterprise, and buyer relationships will proceed uninterrupted. Workers may count on that operations will proceed with out interruptions, and they are going to be paid and offered advantages on the same old schedule.
A abstract of phrases within the Plan is about forth within the Restructuring Assist Settlement and addressed within the Firm’s Type 8-Ok submitting at present. Important parts of the Plan embrace:
- All channel companions, contractors, installers and commerce collectors shall be paid in full and proceed to be paid in full and on time.
- Loans will proceed to be originated and funded within the bizarre course of enterprise by the partnership of the Firm with CRB; the acquisition will present substantial extra capability for such lending.
- The Consortium will make investments important new capital into the Firm.
- Members of the Consortium convey substantial working and monetary experience and can companion with present administration to re-establish the Firm’s place because the pre-eminent platform for residential photo voltaic and residential enchancment finance options.
Daylight Monetary has arrange a toll-free hotline to reply questions on this transaction. The hotline might be accessed by calling (888) 741-3947 (US and Canada) or (747) 226-5688 (Worldwide). Daylight Monetary has additionally posted FAQs to its web site at https://omniagentsolutions.com/Daylight.
Weil, Gotshal & Manges LLP is serving as authorized counsel, Guggenheim Securities, LLC is serving as Funding Banker and Alvarez & Marsal is offering monetary advisory providers to Daylight Monetary. Locke Lord LLP is serving as authorized counsel to the Consortium. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as authorized counsel and Piper Sandler is offering monetary advisory providers to CRB.
Information merchandise from Daylight Monetary
