PGR Lessee I and its affiliates are operating in Chapter 11 with court-authorized use of lenders’ cash collateral while they pursue a restructuring or potential sale. The October 28 cash collateral order Dkt. 175 sets a final hearing for November 12, 2026, and extends use under a revised budget through December 13, subject to earlier termination.

PGR Lessee I and its affiliates are operating in Chapter 11 under an interim cash collateral arrangement while pursuing a strategic restructuring transaction that could include a court-supervised sale of substantially all assets and operations. The October 28 cash collateral order Dkt. 175 authorizes continued use under a revised budget and schedules a final hearing for November 12, 2026. It extends the deadline to obtain a final order and the outside termination date for cash collateral use to December 13, subject to earlier termination events.

The debtors filed on September 9, 2026, after a surety demanded collateral under an indemnity agreement that the debtors allege was unauthorized. According to the special manager’s declaration Dkt. 42, the demand was reduced from approximately $134 million to $30,193,753.93, and an injunction required that amount to be posted by September 9. The declaration says the affected debtors lacked unencumbered assets to satisfy the demand.

The declaration reports that the debtor group owns and operates 17 utility-scale solar facilities with approximately 262 MWdc of capacity and that most projects operate at a deficit after debt service. It states that the debtors had $129,318,846 in permanent debt at the petition date, with separate project-level facilities that are not cross-collateralized. The debtors also reported exploring potential debtor-in-possession financing. The second interim cash collateral order Dkt. 101, which otherwise remains in effect, provides lenders with adequate protection and subjects spending to budget and reporting requirements.

PGR Lessee I and its affiliates are operating in Chapter 11 with court-authorized use of lenders’ cash collateral while they pursue a restructuring or potential sale. The October 28 cash collateral order Dkt. 175 sets a final hearing for November 12, 2026, and extends use under a revised budget through December 13, subject to earlier termination.

PGR Lessee I and its affiliates are operating in Chapter 11 under an interim cash collateral arrangement while pursuing a strategic restructuring transaction that could include a court-supervised sale of substantially all assets and operations. The October 28 cash collateral order Dkt. 175 authorizes continued use under a revised budget and schedules a final hearing for November 12, 2026. It extends the deadline to obtain a final order and the outside termination date for cash collateral use to December 13, subject to earlier termination events.

The debtors filed on September 9, 2026, after a surety demanded collateral under an indemnity agreement that the debtors allege was unauthorized. According to the special manager’s declaration Dkt. 42, the demand was reduced from approximately $134 million to $30,193,753.93, and an injunction required that amount to be posted by September 9. The declaration says the affected debtors lacked unencumbered assets to satisfy the demand.

The declaration reports that the debtor group owns and operates 17 utility-scale solar facilities with approximately 262 MWdc of capacity and that most projects operate at a deficit after debt service. It states that the debtors had $129,318,846 in permanent debt at the petition date, with separate project-level facilities that are not cross-collateralized. The debtors also reported exploring potential debtor-in-possession financing. The second interim cash collateral order Dkt. 101, which otherwise remains in effect, provides lenders with adequate protection and subjects spending to budget and reporting requirements.