On June 11, 2020, Petersen-Dean, Inc. and its subsidiaries and affiliates (“PDI”) filed for Chapter 11 reorganization bankruptcy in Nevada. While the PDI assets were sold in late February, the PDI Chapter 11 estate still remains in the Nevada court.
For further detail on this process and contact information, please visit: https://dm.epiq11.com/case/petersendean/info
While an asset purchase agreement is being finalized for the overall asset sale of the assets of Petersen-Dean to Solarjuice America, which contemplates a Section 363 sale subject to Court approval, this Interim Management Agreement will allow Solarjuice America to inject funds and operational assistance throughout Petersen-Dean before that closing. The Interim Management Agreement also allows Petersen-Dean to resume its national consumer solar, battery, and re-roofing installations with the full support of Solarjuice America.
“The purchase of Petersen Dean’s assets will significantly strengthen our US operations,” stated Xiaofeng Peng, Chairman, and CEO of SPI Energy. “Market demand for solar solutions continues to grow in the US. Through this Interim Management Agreement, we can quickly get to work meeting this demand by leveraging the established infrastructure Petersen Dean has built while we work to complete the asset purchase, allowing us to generate revenue near-term and advance the asset integration as the terms are finalized.” Petersen-Dean and Solarjuice America previously agreed to a court-approved sale of Petersen-Dean’s consumer assets, including the sale of the consumer contracts that were in the Petersen-Dean pipeline before the pandemic and the resulting Chapter 11 filing caused these projects to stall.