Green home financing company Renovate America Inc. was approved to access a $50 million bankruptcy loan from proposed purchaser Finance of America Mortgage LLC.
Judge Laurie Selber Silverstein of the U.S. Bankruptcy Court for the District of Delaware authorized San Diego-based Renovate to immediately draw down $18 million to fund the business through its Chapter 11 proceedings. The company lends homeowners money to make environmentally friendly home improvements.
Renovate has demonstrated a need for liquidity, and financing from its proposed lead bidder is tied to the company’s “exit strategy,” she said.
The company will return to court in early January ...
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