- Press Releases
January 21 (Renewables Now) - Petersen-Dean Inc has entered into a court-approved interim management agreement that allows the bankrupt US roofing and solar firm to resume installations before being acquired by a unit of SPI Energy Co Ltd (NASDAQ:SPI).
With this newly-signed agreement, SPI Energy’s fully-owned unit Solarjuice American Inc will be able to inject funds and operational assistance throughout Petersen-Dean before a final asset purchase deal is inked.
Xiaofeng Peng, chairman and CEO of SPI Energy, commented that the planned acquisition of Petersen Dean's assets will substantially bolster the buyer’s operations in the US, where market demand for solar solutions continues to grow.
“Through this Interim Management Agreement, we can quickly get to work meeting this demand by leveraging the established infrastructure Petersen Dean has built while we work to complete the asset purchase, allowing us to generate revenue near-term and advance the asset integration as the terms are finalised,” Peng added.
Red Rose Inc, the home improvement contractor doing business as Petersen-Dean, filed for Chapter 11 bankruptcy in Nevada last summer. In January 2021, SPI Energy announced that Solarjuice American had acquired the consumer contracts of Petersen-Dean, which was generating between USD 300 million (EUR 247m) and USD 400 million in annual sales with favourable profit margins before the pandemic.
(USD 1.0 = EUR 0.824)