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Blue Earth Chapter 11 Bankruptcy Petition Filed

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According to the U.S. Bankruptcy Court docket, Blue Earth and Blue Earth Tech filed for Chapter 11 protection in San Francisco, CA. The Company also announced that it has reached an agreement with Jackson Investment Group (JIG), a senior lender and a principal shareholder that declared a default on March 1, 2016 now equal to approximately $21,747,056 principal amount of indebtedness (plus all accrued and unpaid default principal amounts), interest (including default interest), expenses and fees (including late fees), to provide necessary financing in order to restructure the Company’s operations.

With the exception of Blue Earth Tech, no other subsidiaries are included as Chapter 11 Debtors; however, they are all guarantors and their assets and stock are pledged to JIG and other secured lenders. JIG has committed to provide $1 million of interim and up to $3 million on a final basis in debtor-in-possession financing.

According to documents filed with the Court, “The company commenced these cases in order to obtain necessary financing and restructure its balance sheet through a debt-for-equity swap with JIG to be implemented through a chapter 11 plan.”

The Company, which provides energy efficiency and alternative/renewable energy solutions and also owns, manages and operates independent energy generation systems, is represented by Debra I. Grassgreen of Pachulski, Stang, Ziehl, and Jones.

Read more energy bankruptcy news.

The post Blue Earth Chapter 11 Bankruptcy Petition Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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