Residential photo voltaic and residential enchancment financing platform Mosaic has filed for Chapter 11 chapter safety within the Southern District of Texas. Its estimated belongings and liabilities are between $1 billion and $10 billion.
Mosaic provides owners financing choices for photo voltaic, storage and different sustainable dwelling enchancment initiatives. The corporate has a community of contractor companions and accredited product choices.
Mosaic says it intends to finish a restructuring and recapitalization supported by its present lenders and Forbright Financial institution. It has already taken actions to “strategically and operationally reorganize the enterprise.”
Mosaic blames “macroeconomic challenges” going through all the residential photo voltaic business, like excessive rates of interest and unsupportive laws on the federal stage, which have impacted its entry to capital.
All through the chapter course of, Mosaic says it expects to stay absolutely operational and can preserve its mortgage servicing operation. Clients will proceed to pay their loans as deliberate. Forbright Financial institution will assist Mosaic’s servicing operations within the meantime.
“At present’s announcement marks a major step for Mosaic to handle our monetary place amid the macroeconomic challenges going through the residential photo voltaic business in addition to the latest laws handed by the Home that rolls again residential photo voltaic tax credit,” said Patrick Moore, Mosaic CEO. “All through this course of, we stay centered on sustaining stability for our prospects, enterprise companions and staff.”
Mosaic’s June 6 chapter submitting comes concurrently Sunnova’s filing, one other firm working within the photo voltaic leasing house.
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