Lumio’s Proposed Sale to White Oak Collapses as Cash Dwindles

Lumio Holdings Inc.'s proposed sale to White Oak Global Advisors LLC fell through, leaving the bankrupt residential solar company reeling with just days’ worth of borrowed funds remaining.

When the Utah-based company entered Chapter 11 in September, it said it planned to sell its assets to White Oak in a $100 million credit bid if a higher bidder didn’t emerge. But on Tuesday, Lumio attorney Robert J. Dehney of Morris, Nichols, Arsht & Tunnell LLP said the deal with White Oak is no longer on the table.

White Oak also lent money to Lumio to get it through its bankruptcy, ...