Residential Solar Firm Lumio Files Bankruptcy, Plans to Sell.

Lumio, a residential solar panel provider, has filed for bankruptcy and plans to sell its business to its primary lender, White Oak Global Advisors. The Utah-based company filed for Chapter 11 bankruptcy, listing assets and liabilities between $100 million and $500 million. The sale to White Oak is in the form of a $100 million credit bid, subject to better offers. The bankruptcy filing reflects the challenges faced by the US solar industry, including subsidy changes in California and high interest rates. Lumio has stated that its operations will not be interrupted by the bankruptcy filing, and White Oak has expressed intentions to offer significant equity ownership to the company's employees if selected as the winning bidder. [Extracted from the article]