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| Home : Blue Earth to Restructure Through Chapter 11; Will Receive $1-$3.0 Million DIP Financing from Jackson Investment Group, LLC |
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Mar 22
2016 |
Blue Earth to Restructure Through Chapter 11; Will Receive $1-$3.0 Million DIP Financing from Jackson Investment Group, LLC |
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SAN FRANCISCO, CA --(Marketwired - March 21, 2016) - Blue Earth (NASDAQ: BBLU), an alternative/renewable power generation solutions company, announced today that it has reached an agreement with Jackson Investment Group, LLC ("JIG"), a senior lender and a principal shareholder of the Company which declared a default on March 1, 2016 now equal to approximately $21,747,056 principal amount of indebtedness (plus all accrued and unpaid default principal amounts), interest (including default interest), expenses and fees (including late fees) to provide necessary financing in order to restructure the Company's operations. In order to facilitate the restructuring, Blue Earth today filed voluntary petitions for reorganization via Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for Northern District of California, San Francisco Division under the caption In re: Blue Earth, Inc., et al. The sole other entity filing is Blue Earth Tech, Inc., which employs the Company's operating personnel. No other subsidiaries are included as Chapter 11 debtors and are not expected to be impacted by the filing. However, all of the Company's subsidiaries are guarantors and their assets and stock are pledged to JIG and other secured lenders. JIG has committed to provide $1,000,000 of interim and up to $3,000,000 on a final basis in debtor-in-possession financing. This financing is subject to court approval and will be used to pay ongoing normal course of business obligations. |
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| Source:http://www.marketwired.com/mw/release.do?id=2107853&sourceType=3 |
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