PosiGen, PBC and its affiliated debtors are in post-confirmation plan administration, operating under a confirmed plan effective since February 2026 with the Plan Administrator now resolving residual claims and litigation. The Harahan, Louisiana-based residential solar company, which develops, leases, and services home solar systems across 19 states and serves more than 40,000 customers, filed for Chapter 11 on November 24, 2025 Voluntary PetitionDkt. 1 in the Southern District of Texas (Case No. 25-90787, Judge Christopher M. Lopez) to halt a foreclosure that threatened to dismember the business. The crisis originated in a July 31, 2025 missed interest payment on a $600 million Backleverage Facility held primarily by Brookfield affiliates; Brookfield accelerated the facility in mid-August, installed an independent manager over non-debtor affiliates, and on November 14 delivered foreclosure notices targeting Class B memberships in tax-equity project companies covering approximately 30,000 customer systems First Day BriefDkt. 11. The company had already terminated roughly 470 employees — over 70% of its workforce — in August 2025.
The debtors entered bankruptcy with approximately $206 million in funded debt and only about $13.4 million in available unencumbered cash CRO DeclarationDkt. 12. The capital stack centered on $71 million of second-lien secured convertible notes and $91 million of unsecured convertible notes, layered over smaller bridge facilities and a Connecticut Green Bank battery revolving line , while the separate $600 million Backleverage Facility sat at the non-debtor tax-equity-partnership level and financed the systems PosiGen sold into those partnerships.
To stabilize operations and run a sale process, the debtors moved in late December 2025 for combined senior-secured priming DIP financing, cash-collateral authority, a settlement with Brookfield over the Backleverage Facility, and sale-marketing procedures; the court approved a roughly $43.9 million multi-draw DIP facility in February 2026. The restructuring moved quickly from there: an initial plan and disclosure statement filed in December 2025 was amended twice, and the court confirmed the Second Amended Combined Disclosure Statement and Joint Chapter 11 Plan on February 24, 2026 Confirmation OrderDkt. 597, with the plan becoming effective February 26, 2026.
The case is now in estate administration under Plan Administrator Ephraim Diamond. In June 2026 the court extended the deadline for the Plan Administrator to remove actions through September 23, 2026 Removal Extension OrderDkt. 738, and the estate continues to reconcile individual claims and contested matters, including a stipulation allowing a $25,000 general-unsecured claim to resolve claimant Natalie Prater's negligence claims and her associated stay-relief motion Prater StipulationDkt. 739.
