Posigen Approved for Bankruptcy Funding, Asset Sale to Lenders

Posigen PBC advanced its efforts to wind down in bankruptcy, winning court approval of a $43.9 million loan facility and a global settlement with creditors that includes a sale of assets to Brookfield Asset Management and other lenders.

Posigen, along with its lenders, solar project investors, and unsecured creditors, can move forward with a negotiated transaction that will see the residential solar company transition its customer service operations to Omnidian Inc. and SunStrong Management LLC to keep the businesses afloat, Judge Christopher Lopez of the US Bankruptcy Court for the Southern District of Texas ruled during a hearing Thursday.

The ...