October 25, 2018 / 12:06 AM / 8 months ago

Suniva warns of liquidation unless it gets new bankruptcy loan

Bankrupt solar panel maker Suniva Inc is seeking a court order that would allow it take on up to $3.4 million in additional financing to support a Chapter 11 restructuring, warning that its case will otherwise need to convert to a Chapter 7 liquidation.

Suniva urgently needs a new loan from investment firm Lion Point Capital’s Lion Point Master Fund LP because it is on the verge of burning through an earlier $2 million loan from the same source, the solar panel maker said in a filing on Tuesday in U.S. Bankruptcy Court in Delaware.

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