Sunlight Financial Holdings Inc.: going-concern / distress — Sunlight Financial files Chapter 11, agrees to $15M investment from ED Umbrella for 87.5% of new equity

Sunlight Financial Holdings Inc.

Filed Chapter 11 in Delaware on Oct 30; prepackaged plan supported by ED Umbrella Holdings (Greenbacker, IGS).
Plan Sponsor invests $15M for 87.5% of new equity; CRB receives 12.5% and provides $20M exit financing.
CRB backstops $10M at 10% interest; $4.4M additional advance from collateral account allowed for operations.
Total $109.9M outstanding under CRB agreements; default accelerated but stayed by Chapter 11 filing.
Tax Receivables Agreement terminated; Recharacterization Notice reclassifies certain loans as retained.

item 1.01 item 1.03 item 2.03 item 2.04 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Sunlight Financial Holdings Inc. faced acceleration on credit facility of approximately $109.9 million with CRB.

Instrument: credit facility
Principal: approximately $109.9 million
Counterparty: CRB
Event: acceleration

Exact text from the filing

Improvement Loan Sale Agreement, dated as of April 25, 2023, by and between CRB and Sunlight Financial LLC. 7 As of the date of this filing, the Company has approximately $109.9 million outstanding under the CRB Agreements.

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Distress & Bankruptcy SEC 8-K Item 1.03 confidence 1.0

Sunlight Financial Holdings Inc. entered chapter 11 in United States Bankruptcy Court for the District of Delaware (petition 2023-10-30).

Proceeding: chapter 11
Court: United States Bankruptcy Court for the District of Delaware
Petition: 2023-10-30

Exact text from the filing

On October 30, 2023 , Sunlight Financial Holdings Inc. (the “ Company ”) and each of its wholly owned subsidiaries

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41 debt financings filed in the last 30 days. Browse all debt financings →

Source: SEC EDGAR

accession 0001104659-23-112707

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