Meyer Burger Technology AG’s US subsidiaries reached a global settlement with secured lenders and unsecured creditors that paves a path out of bankruptcy for the solar energy company.
Negotiations following Chapter 11 sales of Meyer Burger (Holding) Corp.'s assets bore fruit, as company lenders have agreed to provide up to $1.2 million in funding to finance the plan approval process. The deal contemplates forming a trust to pursue litigation on behalf of all creditors, according to a filing Wednesday with the US Bankruptcy Court for the District of Delaware.
“The settlement agreement avoids prolonged litigation that would otherwise reduce the ...