Houston-headquartered PosiGen and 10 of its affiliated companies filed for Chapter 11 bankruptcy protection Monday in the Southern District of Texas.
A maker of residential solar panels, PosiGen stated in court filings that it “has experienced a negative impact on its business due to recent volatility in the renewable energy market.”
Bankruptcy records show that PosiGen lists more than 10,000 creditors owed between $100 million and $500 million. The two largest creditors are two funds operated by Houston-based investment firm Elda River Opportunities, which are owed $42 million.
PosiGen selected Charles Koster at White & Case in Houston as its lead legal advisor and FTI Consulting as its financial advisor.
The case, In Re PosiGen PBC, has been assigned to Houston Bankruptcy Judge Alfredo Perez. The case no. is 25-90787.