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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.
Interpublic posted a 5.1 percent drop in Q3 net revenues to $2.5B as CEO Philippe Krakowsky reports the final financial results of the publicly traded company.
Joele Frank handles Pine Gate Renewables as the Asheville, NC-based solar power development company declares Chapter 11 in the aftermath of Donald Trump’s cuts to wind & solar tax credits.
Stagwell CEO Mark Penn reports Q3 net revenues jumped 6 percent to $614.5M, a record performance for a non-political period. Operating income soared 45.7 percent to $60.9M.
Joele Frank works for Klöckner Pentaplast as the German maker of plastic films declares Chapter 11. A successful reorganization would slash its its corporate debt by $1.5B.
Teneo represents Metsera, the New York City biotech focused on weight-control products, which is subject to a bidding war between heavyweights Novo Nordisk and Pfizer.
