For immediate release:
June 17, 2020
Red Rose Inc. and Petersen-Dean, Inc.
Fremont, CALIF. — Red Rose, Inc. (“RRI”), Petersen-Dean, Inc. (“PDI”) and certain of their subsidiaries/affiliates (the “Companies”) today announced they have commenced a voluntary restructuring under Chapter 11 of the U.S. Bankruptcy Code. The Chapter 11 filing provides immediate protection to the Companies, which will continue to operate in the ordinary course of business as they pursue either a restructuring or a sale for substantially all of their assets as a going concern.
The Companies filed their voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the Southern District of Nevada. During the case, the Companies and their 18 regional offices are operating as usual.
Jim Petersen, PDI’s Founder and Chief Executive Officer, said “After a diligent review of our financial alternatives, our management, along with our advisors, concluded that the best path forward for Petersen-Dean and its stakeholders is to seek chapter 11 protection. Through this process, we intend to restructure our balance sheet to achieve a more sustainable debt level to reposition the business for long-term success.” Mr. Petersen continued, “PDI will remain focused on maintaining its high standards as it relates to our construction installations and we will continue to operate on all our ongoing projects during the chapter 11 process. Our clients and vendors should expect business as usual across our organization and we will stay steadfast on our collective goal of providing superior solar, roofing and battery installations that our clients have come to expect from our companies.”
The Companies intend to use the proceedings to restructure and strengthen their balance sheet and achieve a more sustainable debt profile, while continuing to focus on roofing and solar installations across the country for their clients.
In addition to PDI and RRI, the following subsidiaries/affiliates are included in the chapter 11 filings:
Beachhead Roofing & Supply, Inc.; California Equipment Leasing Association, Inc.; Fences 4 America, Inc.; James Petersen Industries, Inc.; PD Solar, Inc.; Petersen Roofing and Solar LLC; PetersenDean Hawaii LLC; PetersenDean Roofing and Solar Systems, Inc.; PetersenDean Texas, Inc.; Roofs 4 America, Inc.; Solar 4 America, Inc.; Sonoma Roofing Services, Inc.; TD Venture Fund, LLC; and Tri-Valley Supply, Inc.
Court filings and information about the claims process are available with Fox Rothschild LLP who is acting as the Companies’ legal counsel. Conway Mackenzie LLP is serving as restructuring/financial advisors to the Companies.
Questions should be directed to the Companies’ claims agent, EPIQ, by email to PetersenDean@epiqglobal.com or by phone at +1 855-907-2085 (toll free).