 |
C Street handles Solar Mosaic as the Oakland-based fintech platform for U.S. residential solar and energy-efficient home improvements declares Chapter 11.
High interest rates and threats to eliminate tax credits for residential solar power put the squeeze on Mosaic, which is backed by Warburg Pincus private equity firm.
Mosaic expects to complete the restructuring and recapitalization, while conducting a marketing process of its assets.
It will receive $45 million in debtor-in-possession financing from its existing lenders, including $15 million in new money financing which, following court approval, is expected to fund the company’s ongoing operations and administrative expenses during the Chapter 11 cases.
CEO Patrick Moore believes financial reorganization offers the best way to maintain its loan servicing platform, effectuate a full sale and marketing process for its assets, and maximize value for its stakeholders.
He promised that Mosaic will remain focuesed on maintaining stability for customers, business partners, and employees throughout the Chapter 11 process.
C Street Advisory Group provides strategic communications for Mosaic.
Omnicom’s PR units suffered a 8.6 percent decline in Q2 revenues to $372.9M.
Former AIG global head of corporate communications Emily Garbaccio is joining PGIM, the global investment management business of Prudential Financial, as chief communications officer.
Joele Frank handles Core Scientific as the data center infrastructure company, gets acquired by CoreWeave in a stock deal valued in the $9B range.
Edelman Smithfield handles Del Monte Foods Corp. as the nearly 140-year-old company files for Chapter 11 to revamp its balance sheet and put itself on the auction block.
Prosek Partners represents Brightstar Capital as the private equity firm completes the $1.1B deal to acquire PlayAGS, supplier of slot table and interactive products to the gaming industry.
