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Vermont solar company files for bankruptcy
iSun, the parent company of SunCommon, filed for bankruptcy in early June. The CEO of the company says it hasn’t been profitable for two years.
Updated: 7:36 AM EDT Jun 11, 2024
The Williston-based solar company, iSun, has filed for bankruptcy in federal court. According to court documents, the company filed on June 3, asking a judge to approve the sale of its assets. In the filing, CEO Jeff Peck indicated that the company was not profitable in 2023 or 2022 and he expects $10 million in losses for 2024. Peck also stated that the company was “operating at a deficit of $250,000 per week.”The company blamed their financial position on high interest rates and trouble offering cost-effective financing for customers. In the filing, the company reported having 196 current employees. iSun is asking the court to approve the sale of its assets to Siltstone Capital, LLC, which is an energy-focused investment and advisory firm based in Houston, Texas.
The Williston-based solar company, iSun, has filed for bankruptcy in federal court.
According to court documents, the company filed on June 3, asking a judge to approve the sale of its assets.
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In the filing, CEO Jeff Peck indicated that the company was not profitable in 2023 or 2022 and he expects $10 million in losses for 2024.
Peck also stated that the company was “operating at a deficit of $250,000 per week.”
The company blamed their financial position on high interest rates and trouble offering cost-effective financing for customers.
In the filing, the company reported having 196 current employees.
iSun is asking the court to approve the sale of its assets to Siltstone Capital, LLC, which is an energy-focused investment and advisory firm based in Houston, Texas.
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