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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.
It noted that Trump’s “Big Beautiful Bill” placed strict limitations on sourcing materials from countries such as China.
Those strictures put “extreme pressure” on Pine Gate’s liquidity and collapsed the value of projects it had used as collateral, according to the Financial Times.
Pine Gate CEO Ben Catt said the Chapter 11 will enable it to pursue a “strategic and value-maximizing sales process for substantially all of its assets and business operations.”
The company has brought in Mark Rajcevich, managing director at Alvarez & Marsal, as chief restructuring officer.
Founded 10 years ago, Pine Gate has closed on about $10B in project financing and capital investment. It has partners at more than 100 operational solar facilities.
Joele Frank, Wilkinson Brimmer Katcher’s Andy Brimmer, Aaron Palash and Richard Goldman handle Pine Gate.
ICR Inc. handles communications for Enhanced Ltd, which plans to run Olympic-type competitions with athletes using performance-enhancing drugs, as it goes public in a SPAC deal valued at $1.2B via a merger with A Paradise Acquisition Corp. of Hong Kong.
C Street Advisory Group handles strategic communications duties for American Signature Inc. as the Columbus-based home furnishings retailer declares Chapter 11.
Collected Strategies handles Exact Sciences as the cancer screening leader is acquired by Abbott in a deal with an enterprise value of $23B.
Joele Frank represents Philadelphia-based Axalta Coating Systems as it agrees to merge with Amsterdam’s AkzoNobel in a deal valued in the $25B range.
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.
