Oakland, Calif.-based solar company Sungevity's $50 million sale to private equity firm Northern Pacific Group post-bankruptcy has been approved by a Delaware judge, the San Francisco Business Times reported today. In mid-March, Sungevity filed for chapter 11 bankruptcy in a Delaware court. That followed months of layoffs from the company, which had hoped to revolutionize the way consumers used solar by introducing them to software that simplified the process. Instead, the company wound up insolvent, laying off 410 workers before it sold itself to Northern Pacific. “The agreement we have reached with the team led by Northern Pacific Group and its co-investors is a testament to their confidence in the future of Sungevity’s business,” William Nettles, the newly appointed chief administrative officer of Sungevity, said in a statement. “The actions we have announced will allow Sungevity to emerge as a stronger and more competitive company.” Sungevity said in its bankruptcy filing that it had assets and liabilities between $100 million to $500 million, but now that the bankruptcy court has approved the sale, Northern Pacific will pour $20 million in financing into the solar company.
