HelioPower, Inc., a leading solar power integration firm based in California, announced this week that it has successfully completed its corporate and financial reorganization. The reorganization plan, under Chapter 11 of the United States Bankruptcy Code, substantially de-leverages the company’s ongoing business and stabilizes the financial health of the business.
Mo Rousso, President and Founder of HelioPower said:
“This is a significant day for HelioPower. 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.”
HelioPower filed its Chapter 11 petition less than 4 months ago, on April 25, 2017. The U.S Bankruptcy Court for the District of Nevada approved HelioPower’s Plan of Reorganization on August 16 and, with all conditions having been met, HelioPower is cleared to emerge from Chapter 11.
“It is with deep satisfaction that we close this challenging chapter of HelioPower’s story, emerging from bankruptcy as a stronger company. 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.”
Source: Press Release by HelioPower, Inc. Image Credit: © HelioPower, Inc.