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The Lights Go Out: Level Solar Bankrupt

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Privately-held Level Solar, Inc. (Level Solar) filed for Chapter 11 bankruptcy protection from the U. S. Bankruptcy Court in the Southern District of New York, Manhattan Division, case number 17-13469.

The Company is located in New York and headed by William Frey: President and CEO. Level Solar is represented in bankruptcy proceedings by Michael T. Conway of Shipman & Goodwin. The Company, which is a provider of rooftop solar power, ceased operations in September–citing debts in excess of $5 million. Level Solar owes millions of dollars to more than 200 creditors.

The Company has already filed motions seeking Court approval to hire a forensic accounting firm to look into “potential financial and other misconduct” of a former company official “and possibly others.”

In 2015, Level Solar reached an agreement to borrow up to $25 million from the state’s “Green Bank” program. A spokesperson for the New York State Energy Research and Development Authority notes that Green Bank “has worked with Level Solar’s management” and shareholders to “protect the New York Green Bank’s investment” and “minimize disruption” to customers. green Bank “will continue to work through the bankruptcy process to ensure its secured investment in the Level Solar projects is fully protected and customers continue to receive seamless service.”

According to Court filings, Level Solar indicates estimated liabilities at $1 to $10 million, with estimated assets of $50 to $100 million.

Read more bankruptcy news.

The post The Lights Go Out: Level Solar Bankrupt appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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