iSun, Inc. is a Vermont-headquartered, publicly traded solar energy services and infrastructure deployment company and the parent of residential installer SunCommon, serving residential, commercial, industrial, and utility segments through 12 debtor entities. The company filed Chapter 11 petitions on June 3, 2024 in the District of Delaware (Case No. 24-11144) before Judge Thomas M. Horan after sustained losses ($53.8 million in 2022, $19.4 million in 2023), a weekly operating deficit of approximately $250,000, and an event of default notice under the Decathlon loan on May 9, 2024. NASDAQ suspended trading on May 23, 2024 and the stock was delisted effective June 13, 2024. The debtors obtained a $4 million DIP facility from Clean Royalties, LLC (affiliated with Siltstone Capital) at SOFR + 18% PIK, including a $1 million prepetition bridge roll-in and $3 million of new money, and pursued a 363 sale with Clean Royalties as stalking horse bidder at a headline consideration of $10 million plus assumed liabilities and cure payments. The auction was cancelled due to no competing qualified bids, and the sale order was entered August 23, 2024, with closing on August 26, 2024. The purchase price was satisfied by dollar-for-dollar application of DIP obligations. A modified liquidation plan proposing a liquidation trust was filed but never confirmed, and the cases were converted to Chapter 7 by order entered January 27, 2025.
