secwatch.observer — SEC 8-K summary
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Issuer:     Sunlight Financial Holdings Inc. (—)
CIK:        0001821850
Form:       8-K
Filed at:   2023-12-07T23:59:59+00:00
Accession:  0001104659-23-124299
Event type: other_material
Sentiment:  positive
Materiality: 0.90
Item codes: 1.01, 1.03, 2.03, 3.02, 3.03, 5.01, 5.02, 5.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Sunlight Financial emerges from Chapter 11 with $15M investment, new ownership by consortium and Cross River Bank
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- Confirmed Joint Prepackaged Chapter 11 Plan effective Dec 6, 2023; old equity cancelled, holders receive no recovery.
- Plan Sponsor (ED Umbrella Holdings, consortium of Greenbacker, Sunstone, IGS) invested $15M for 87.5% new equity; Cross River Bank gets 12.5%.
- $90M term loan at 10% fixed interest from CRB; up to $20M convertible notes at 15% interest available.
- All prior directors and officers discharged; new board set at up to seven directors with seats for Plan Sponsor, CRB, and CEO.
- Management incentive plan authorized to issue new Common Stock, diluting existing new equity.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1821850/000110465923124299/0001104659-23-124299-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1821850/000110465923124299/tm2332394d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-124299

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