Four months after it sought bankruptcy protection from nearly 5,000 creditors, California solar installer HelioPower has been approved to emerge from the shadow of the court.
Six days ago, a judge in Nevada approved the company’s reorganization, saying the company had met all its obligations. The approval gives HelioPower the green light to resume doing business.
“This is a significant day for HelioPower,” said Maurice Rousso, the company’s president and founder. “We’ve accomplished a complex restructuring in a very short time period and with our strengthened financial flexibility, we will now focus on our industry leading capabilities by providing integrated energy solutions to homeowners and businesses alike.”
Russo says the company is in a much better financial position post-bankruptcy because of the reduced debt levels. At the time of the April filing, HelioPower had borrowed $3 million from its parent company Sierra Nevada Solar (SNS) over a period of years and sill didn’t have enough money coming in to meet its debt obligations. In fact, HelioPower had borrowed $182,218 from SNS in the first four months of 2017 just to meet payroll.
“It is with deep satisfaction that we close this challenging chapter of HelioPower’s story, emerging from bankruptcy as a stronger company,” Russo said. “We thank our creditors for working with us to make this new beginning possible, as well as our employees, our customers, our suppliers and our advisors. We look forward to returning to focus on providing high quality integrated energy solutions to our customers.”
According to the company, it has engineered and installed more than 5,000 solar power and clean energy solutions for residential, commercial, community and utility-scale customers and partners in the United States and worldwide.