Solar firm Pine Gate Renewables files for Chapter 11

BY Fraser Tennant

To facilitate a sales process and maximise value for its stakeholders, US solar developer Pine Gate Renewables and certain of its subsidiaries has filed for Chapter 11 bankruptcy.

One of the leading solar development firms in the US with more than 30 gigawatts of solar power in development, Pine Gate Renewables employs over 300 people and has developed over 100 new solar facilities since its founding in 2016.

The North Carolina-based company is the largest renewables developer to collapse in the aftermath of US President Donald Trump’s cuts to solar and wind tax credits. As a result, the company is pursuing a strategic and value-maximising sales process for substantially all of its assets and business operations.

ACT Power Services, Pine Gate’s wholly-owned operations and maintenance provider, is not part of the Chapter 11 process. Pine Gate is, however, in active discussions with multiple interested parties to identify a value-maximising sale transaction for the ACT business.

During the court-supervised sales process, Pine Gate and ACT Power Services will continue to support their project partners and advance projects currently in development and under construction. Pine Gate’s operational projects will also continue to generate and sell power.

“Since our founding, Pine Gate has grown tremendously, deploying innovative solar and energy storage projects at scale that enable us to deliver renewable, reliable and affordable energy,” said Ben Catt, chief executive of Pine Gate. “To ensure that our projects continue generating renewable energy, we made the strategic decision to commence a court-supervised sales process.”

To support the company through the bankruptcy process, Pine Gate has secured financing commitments from certain of its current lenders that will be used to support operations, including the advancement of projects in development and under construction.

“With significant financial support from certain of our current lenders, we are confident that we will successfully conduct a competitive sales process that reflects the inherent value of our nationwide portfolio of solar and energy storage projects,” added Mr Catt.

Pine Gate expects to complete the sales process, which will provide interested parties the opportunity to submit competing bids for the company and its assets, in approximately 45 days.

Mr Catt concluded: “As we move through the Chapter 11 process, we remain committed to supporting our valued project partners across our more than 100 operational solar facilities and forging ahead with our projects in development and under construction.”

News: Solar power producer Pine Gate blames Trump’s cuts in bankruptcy

A new era: Wolfspeed emerges from Chapter 11

BY Fraser Tennant

Three months after filing, chipmaker Wolfspeed has emerged from Chapter 11 bankruptcy protection following the successful completion of its financial restructuring process.

As a result of the restructuring, Wolfspeed has reduced its total debt by approximately 70 percent, with maturities extended to 2030, and lowered its annual cash interest expense by around 60 percent.

In addition, the company maintains ample liquidity to continue supplying customers with leading silicon carbide solutions. With a self-funded business plan supported by free cash flow generation, Wolfspeed is well positioned to leverage its vertically-integrated 200mm manufacturing footprint – underpinned by a secure and scalable US-based supply chain – to drive sustainable growth.

The company filed for Chapter 11 in June, citing production delays at its New York State factory, increased Chinese chip competition and flagging electric vehicle (EV) demand, as well as mounting debt obligations.

“Wolfspeed has emerged from its expedited restructuring process, marking the beginning of a new era,” said Robert Feurle, chief executive of Wolfspeed. “As we enter this new era, we do so with much improved financial stability, a scaled, greenfield and vertically integrated 200mm facility footprint, and our large capital deployment behind us.”

Founded in 1987 under the name Cree, Wolfspeed manufactures a unique semiconductor material – silicon carbide – used in EVs, fast-charging stations and renewable energy storage units. The company also has a lineup of power devices.

“We firmly believe that we are well positioned to capture rising demand in end markets, such as artificial intelligence, EVs, industrial and energy, that are rapidly growing and recognising silicon carbide’s potential,” continued Mr Feurle. “We remain committed to our mission to deliver cutting-edge solutions to our customers to ensure Wolfspeed remains at the forefront of the industry.”

In connection with its emergence from Chapter 11, Wolfspeed has appointed five new directors to join its board, each bringing extensive semiconductor and industry knowledge, and deep accounting and finance expertise.

“I am deeply grateful to our valued employees, who are the key drivers of our success, as well as to our customers, vendors and lenders for their unwavering support and confidence throughout this process,” concluded Mr Feurle. “I look forward to unleashing the full potential of the platform that we have built with a much stronger financial foundation to support us.”

News: Wolfspeed exits Chapter 11 bankruptcy, slashes debt and interest costs

Second time around: Spirit Airlines files for Chapter 11

BY Fraser Tennant

For the second time in a year, no-frills pioneer Spirit Airlines has filed for Chapter 11 bankruptcy protection in order to facilitate a comprehensive restructuring and position the business for long-term success.

The airline intends to use the Chapter 11 process to implement the broad changes necessary to transition the company for a sustainable future and position it to deliver the best value.  

The Chapter 11 process will provide Spirit with the tools, time and flexibility to continue ongoing discussions with all of its lessors, financial creditors and other parties to implement a financial and operational transformation of the company.

Through the restructuring process, Spirit intends to: (i) focus its flying on key markets to provide more destinations, frequencies and enhanced connectivity in its focus cities; (ii) optimise its fleet to match capacity with profitable demand in line with the redesigned network; and (iii) reinforce efforts to build on its industry-leading cost model by pursuing further efficiencies across the business.

“Since emerging from our previous restructuring, it has become clear that there is much more work to be done and many more tools are available to best position Spirit for the future,” said Dave Davis, president and chief executive of Spirit Airlines. “After thoroughly evaluating our options and considering recent events and the market pressures facing our industry, our board of directors decided that a court-supervised process is the best path forward.”

Spirit expects to be delisted from the NYSE American stock exchange as a result of the Chapter 11 filing and for its common stock to continue to trade in the over the counter marketplace through the bankruptcy process.

“As we move forward, customers can continue to rely on Spirit to provide high-value travel options and connect them with the people and places that matter most,” continued Mr Davis. “On behalf of our board and leadership, I want to thank our team members for their continued dedication, resilience and commitment to delivering a safe, reliable operation and excellent service.”

Florida-based Spirit Airlines serves destinations throughout the US, Latin America and the Caribbean with its all-Airbus Fit Fleet, one of the youngest and most fuel-efficient fleets in the US.

Mr Davis concluded: “We have evaluated every corner of our business and are proceeding with a comprehensive approach in order to best serve our customers, team members and other stakeholders.”

News: Spirit Airlines files for second bankruptcy in a year as financial challenges persist

TPI Composites files for Chapter 11

BY Fraser Tennant

Amid “industry-wide pressures”, US wind turbine blade maker TPI Composites, along with its domestic subsidiaries, has filed for Chapter 11 bankruptcy protection to pursue a comprehensive restructuring.

To allow it to emerge as a stronger enterprise, TPI has reached an agreement, subject to final documentation and approval of the Bankruptcy Court, with its senior secured lenders comprised of funds affiliated with funds managed by Oaktree Capital Management.

The agreement will see Oaktree provide a debtor-in-possession financing facility which is expected to be comprised of up to $27.5m in new money to support TPI’s day to day operations and up to $55m rolled up from the company’s existing senior secured credit facility.

“Industry-wide pressures have created financial challenges that must be addressed,” said Bill Siwek, chief executive of TPI. “We have explored a variety of alternatives to address the challenges we face and believe that a Chapter 11 process is necessary to position the company for success.”

In conjunction with the Chapter 11 proceedings, TPI has filed a number of customary motions with the Bankruptcy Court seeking court authorisation to support its operations, including the payment of employee wages, salaries and benefits.

TPI anticipates receiving court approval for these requests and intends to continue honouring its obligations to key stakeholders post filing, including by satisfying payment obligations to suppliers for goods and services provided in accordance with customary terms after the filing.

“We aim to reach agreement with stakeholders on the terms of a plan of reorganisation for the company to be able to right-size its balance sheet and go forward with the ability to compete successfully in the current economic environment,” continued Mr Siwek. “Doing so will provide access to new liquidity to continue our operations and invest in innovation, ensuring our customers can continue to count on TPI for leading-edge wind blade solutions.”

Focused on innovative and sustainable solutions to decarbonise and electrify the world, TPI operates factories in the US, Mexico, Turkey and India, with additional engineering development centres in Denmark and Germany and global service training centres in the US and Spain.

TPI does not expect any material operational impact from the Chapter 11 proceedings and will continue to operate its manufacturing sites to deliver blade services.

Mr Siwek concluded: “I am grateful to our associates for their dedication in continuing to deliver outstanding service, and to our customers, suppliers, service providers and other stakeholders for their steadfast support during this restructuring.”

News: Oaktree to take over wind blade maker TPI after bankruptcy

3D printer maker Desktop Metal files for Chapter 11

BY Fraser Tennant

US 3D printer manufacturer Desktop Metal, along with more than a dozen of its US affiliates, has filed for Chapter 11 bankruptcy protection in the Southern District of Texas. 

According to court documents, Desktop Metal – a subsidiary of machinery industry company Nano Dimension – has assets and liabilities in the range of $100m to $500m.

The decision to file for Chapter 11 was made by Desktop Metal’s independent board of directors after exploring strategic alternatives to address significant liabilities and liquidity needs stemming from decisions made by its prior management.

Although the filing means that the company is unable to meet contractual obligations regarding services or pay, Desktop Metal will retain control of its business operations while it undergoes reorganisation, including a planned sale of its subsidiaries.

To that end, the company is in discussions to sell a number of its foreign subsidiaries – ExOne GmbH, EnvisionTEC GmbH, ExOne KK, and AIDRO srl – to an affiliate of Anzu Partners, an investment firm that focuses on cleantech, industrial and life science technology companies.

Should the court-supervised process be successful, the sale will go toward repaying part of Desktop Metal’s debts, resulting in a stabilisation of the remaining corporate structure.

“We are safeguarding our financial strength and preserving our position as the best capitalised company in our ecosystem,” said Ofir Baharav, chief executive of Nano Dimension. “This is what enables Desktop Metal to pursue strategic opportunities from a position of maximum strength – and that is exactly what the company’s shareholders should expect from us.”

Nano Dimension acquired Desktop Metal in a $179.3m transaction in April 2025.

Driving a new era of digital mass production of industrial, military, medical and consumer products, the Massachusetts-based Desktop Metal’s innovative 3D printers, materials and software save time and money, reduce waste, increase flexibility and enable once-impossible innovations.

In a statement, Desktop Metal said it valued its stakeholders – employees, customers, vendors and other partners – and would be communicating with them directly regarding next steps in the coming days.

News: Nano Dimension subsidiary Desktop Metal files for Chapter 11 bankruptcy