Residential solar systems company Verengo Inc. canceled the bankruptcy auction for its assets after no other bidders stepped forward to challenge a roughly $12 million offer from a unit of Crius Energy LLC, the Wall Street Journal reported today. Verengo’s lawyers said that they didn’t receive any qualified competing bids by Monday’s deadline, prompting it to cancel an auction scheduled for today. Verengo will instead seek court approval of the sale to its stalking-horse bidder Crius Solar Fulfillment at a hearing on Dec. 13, according to papers filed on Tuesday with the U.S. Bankruptcy Court in Wilmington, Del. Crius Solar is offering to forgive $11.7 million in debts, including up to $2 million in bankruptcy financing, to acquire Verengo’s assets through what’s called a credit bid.
