Company has projects in Hawaii and New Jersey, primarily with schools utilizing rooftop and excess land area to install the solar panels. The company experienced higher than projected construction costs as well as delays with the completion dates. The company also was not able to prepare the periodic reporting required on a timely basis. As a result, the senior secured lender, investor and minority member lost confidence in management.
William Murphy was engaged to assist the minority member and its legal counsel, to evaluate any financial information they may receive from management, to participate in discussions between minority member and the senior secured lender, investor and management, prepare financial models to forecast potential cash flows and advise minority member regarding alternatives.
This engagement is currently ongoing. Contact William Murphy to learn about the current status.