Sungevity, a one-time high flyer in the solar industry, has eliminated hundreds of jobs, filed for bankruptcy yesterday and arranged a sale of all of its assets to an investment group, the San Jose (Calif.) Mercury News reported today. The green energy company filed for a voluntary chapter 11 proceeding in the bankruptcy court in Delaware. Oakland (Calif.)-based Sungevity also has entered into an asset purchase agreement with a group of investors led by Northern Pacific Group, a Minnesota-based private equity firm. If approved by the bankruptcy court, Northern Pacific would obtain essentially all of the assets of Sungevity. Last week, Sungevity eliminated about 350 jobs, according to a source with knowledge of the company’s operations.
