A U.S.-based residential solar panel company, part of whose goal is to “help the planet,” has filed for Chapter 11 bankruptcy.
Lumio made the announcement on Tuesday amid “a value-maximising sale process,” Renewables Now reported.
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The website said the firm has “inked a USD-100-million (EUR 90.4m) stalking horse asset purchase agreement with its major senior secured lender.” The site continued:
The stalking horse deal was signed with an affiliate of White Oak Global Advisors LLC which has committed to buying all of Lumio’s assets for consideration in the form of a credit bid. If selected as the successful bidder, the investment advisor intends to offer significant equity ownership to the company’s employees, a press statement says.
According to the Lumio website, the firm’s goal is to help people save money, help the planet, and work toward energy independence by using solar.
“Switching to solar power is an excellent option for those who want to reduce their carbon footprint and contribute to a more sustainable future without breaking the bank or sacrificing their lifestyles,” the site reads.
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Riposte Alimentaire via StoryfulMeanwhile, it is important to note that President Joe Biden (D) in May 2023 sided with suspected Chinese manufacturers by vetoing a bipartisan plan to restore United States tariffs on solar panels made in the communist country, Breitbart News reported.
The outlet continued:
Biden’s solar panel tariff suspension last year came after intense lobbying from the Solar Energy Industries Association (SEIA) which has been revealed to be representing Chinese solar companies, some of which are accused of using forced slave labor in Xinjiang.
From 2001 to 2018, U.S. free trade with China eliminated 3.7 million American jobs from the economy — 2.8 million of which were lost in American manufacturing. During that same period, at least 50,000 American manufacturing plants closed down.
Those massive job losses have coincided with a booming U.S.-China trade deficit.
In June 2023, solar power installations across the United States were on the rise after “the easing of panel supplies allowed many stalled big projects to be completed and connected to the grid,” Fox Business reported at the time.
The outlet noted that the industry “has been struggling with tight supplies of imported panels stemming from implementation of a law meant to weed out products made with forced labor.”
