December 6 (Renewables Now) - New York-based rooftop solar firm Level Solar, which in September closed its doors, has filed for Chapter 11 bankruptcy protection at the start of this week.
The company is seeking approval from the bankruptcy court to investigate any wrongdoings by a former company official or officials. Level Solar listed assets of between USD 50 million (EUR 42.3m) and USD 100 million.
In September 2015, the solar installer agreed a USD-25-million back-leveraged credit facility with the NY Green Bank. Newsday reported on Tuesday, citing a source, that the bank has sent a notice of default and removal on December 1.
Level Solar announced roughly seven months ago that it had installed 15 MW of photovoltaic (PV) arrays for roughly 2,400 customers. Then in September it was announced that it had laid off employees and ceased operations. In an update for the third quarter (Q3), the NY Green Bank said it worked closely with Level Solar’s shareholders to find a third-party servicer to take care of the residential solar customers of the company. SUNation Solar Systems took over the servicing of all customers of the now bankrupt company, including invoicing, billing and operations and maintenance (O&M).
(USD 1 = EUR 0.85)