Another Solar Company Goes Up In Smoke

  • Date: 29/04/17
  • PV Magazine

HelioPower files for Chapter 11 bankruptcy — The case, filed in U.S. Bankruptcy Court for the District of Nevada, shows the California installer has liabilities of up to $10 million, owed to up to 5,000 creditors.

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California solar installer HelioPower filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Nevada on Wednesday.

The filing, signed by HelioPower President Maurice Russo, says that despite borrowing nearly $3 million from its parent company Sierra Nevada Solar (SNS) over a period of years, its current revenues are not enough to keep up with its debt obligations. In fact, HelioPower has borrowed $182,218 from SNS so far in 2017 just to meet its payroll obligations.

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see also One of America’s Biggest Solar Companies Files For Bankruptcy

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