Sunlight Financial, a point-of-sale finance company, completed its restructuring process and emerged from Chapter 11 bankruptcy.
In addition, Sunlight Financial’s acquisition by a consortium of investors in the solar energy industry, including an affiliate of Greenbacker Capital Management, Sunstone Credit, IGS Ventures and others, as well as its secured lender, Cross River Bank, is also now complete. The consortium of investors and Cross River Bank now own shares of capital stock representing 100% of the ownership of the company.
“As long-term investors in the solar energy space, the members of the consortium understand the value and impact Sunlight brings to our industry,” Benjamin Baker, managing director of Greenbacker, said. “We’re excited for the future of Sunlight and look forward to expanding the company’s work with its installer partners to ensure they can secure quick and efficient loans for their solar and home improvement customers.”
“I am proud of everything Sunlight has accomplished so far and believe wholeheartedly in its future,” Josh Goldberg, co-founder and CEO of Sunstone Credit, said. “And, on a personal note, I’m thrilled to be back with the company and appreciate the opportunity to help foster its growth in this new era.”
Sunstone Credit, one of the members of the Consortium, was co-founded by Goldberg and Wilson Chang, who also were among the co-founders of Sunlight Financial in 2014.
In addition to the new ownership structure, the emergence from Chapter 11 allowed Sunlight Financial to recapitalize. With the new capital, the company will soon announce several initiatives to help installers sell more solar, including a price reduction on higher coupon loans, faster loan review and approval times, more time for homeowners to make their first loan payments and a new rewards campaign for sales representatives. Details of these initiatives will be released in the coming weeks and months.
Weil, Gotshal & Manges, Guggenheim Securities and Alvarez & Marsal North America advised Sunlight Financial in connection with its Chapter 11 cases.
