- Press Releases
June 16 (Renewables Now) - Red Rose Inc, the home improvement contractor doing business as Petersen-Dean, has filed for Chapter 11 bankruptcy in Nevada alongside 15 of its affiliates.
The solar and roofing installer filed the petition in the US Bankruptcy Court for the District of Nevada on June 11.
According to a statement by Petersen-Dean Inc’s founder and CEO Jim Petersen that was quoted by Pacific Business News, the company is looking to restructure its balance sheet in order to improve its debt level.
Petersen-Dean explains in court documents that because of competitive pressures in the solar sector the management teams behind the debtors had to secure projects by undercutting rivals. Agreeing to insufficient gross margins, aggressive financing terms and unrealistic project timelines, the firms experienced a slowdown in collections and significant revenue reductions.
In January, Petersen-Dean chose Enphase Energy Inc (NASDAQ:ENPH) to be its premier supplier of solar inverters and battery storage systems under a new partnership. The company said at the time that the pair will work on an all-in-one smart energy system comprising solar microinverters, battery storage and energy management.