Asheville-based solar power company Pine Gate Renewables could eliminate 223 more workers as it works through bankruptcy. The company, which at one time employed more than 1,000 workers, laid off about 500 workers in October.
Pine Gate filed for bankruptcy last week. It reportedly had $4.4 billion in debt against just $8.5 million in cash, according to a filing with the U.S. Bankruptcy Court in Houston. On Oct. 6, Pine Gate received $412 million in “bridge” financing from debtors-in-possession to help it continue operations.
Pine Gate initiated a court-supervised Chapter 11 sales process “that will ultimately result in transitioning ownership of our solar and storage project fleet,” according to a notice filed with the state Department of Commerce. “As part of this process, the company entered into a series of agreements with certain of its secured lenders who have agreed to purchase Pine Gate’s assets, independent power producer platform and substantially all of our development pipeline.”…