Solar Panel Co. With $32M In Debt Hits Ch. 11

Law360, New York (September 23, 2016, 7:50 PM EDT) -- California solar panel company Verengo Inc. hit Chapter 11 on Friday after its business footprint began to shrink and its liquidity position deteriorated to the point where it couldn't make payments on its $32 million in liabilities.

According to a first-day declaration made by CEO Dan Squiller, the seller and installer of residential photovoltaic systems has had to consolidate its business into the Southern California region after quality issues forced it to sell its operations in the northeastern United States and Northern and Central California. Many of its installed systems were flagged by regulators in New York for quality problems, forcing...

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