Mosaic Takes Strategic Action to Restructure and Recapitalize with the Support of Its Lender to Position the Company for the Future
Solar Mosaic (the "Company" or "Mosaic"), a fintech platform for U.S. residential solar and energy-efficient home improvements, today announced the Company filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code (“Chapter 11”) in the United States Bankruptcy Court for the Southern District of Texas (the “Court”). Through the Chapter 11 process, Mosaic intends to complete a restructuring and recapitalization supported by certain of the Company’s existing lenders, including Forbright Bank (“Forbright”) acting as Administrative Agent on behalf of lenders, while simultaneously conducting a comprehensive marketing process of its platform and other assets of the Company.
