Filing Alert: Meyer Burger Chapter 11
Meyer Burger Files Chapter 11 in District of Delaware
Meyer Burger (Holding) Corp. and its debtor affiliates⁽¹⁾, a Goodyear, AZ-based solar panel manufacturer, filed for Chapter 11 protection on Jun. 25 in the U.S. Bankruptcy Court for the District of Delaware.
The filing follows liquidity challenges stemming from cost overruns and delays tied to the development of Meyer Burger’s Goodyear module facility and the cancelled Colorado cell plant. The company was unable to raise sufficient equity or debt capital to complete the projects, leading to the collapse of a key supply agreement with DESRI⁽²⁾ and the imposition of liens on inventory.
While an ad hoc group of bondholders provided interim financing, the company ultimately ceased operations, initiated a full workforce reduction impacting over 400 employees, and became subject to WARN Act litigation. The Chapter 11 cases follow insolvency proceedings for affiliates in Switzerland and Germany. The debtors enter bankruptcy with approximately $435,000 of cash on hand and intend to pursue an expedited section 363 sale process, supported by a $10 million DIP facility from prepetition lenders.
The company reports $100 million to $500 million in assets and $500 million to $1 billion in liabilities. The filing indicates that there will be funds available for distribution to unsecured creditors. The case number is 25-11217.
⁽¹⁾ For a complete list of debtor entities, see the Chapter 11 Debtors table. ⁽²⁾ Collectively DESRI Procurement, LLC, which later assigned its rights to DESRI Equipment Financing Borrower L.L.C. and Babacomari Solar North, LLC.
Chapter 11 Debtors
Top Unsecured Claims
Key Parties
Counsel:
- Paul N. Heath
- Richards, Layton & Finger, P.A
- Email: heath@rlf.com
Financial Advisor / CRO:
- FTI Management, Inc. (Justin D. Pugh)
Investment Banker:
- Jefferies LLC
Claims Agent:
Equity Security Holders:
- Meyer Burger (Switzerland) AG – 100% Equity Interest
Bondoro Insights is continuing to monitor this case and will provide further coverage as appropriate.
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