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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.
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oele Frank works for satellite operator Iridium Communications as it gets acquired by space company Rocket Lab in a deal worth $8B.
