Solar Trust of America LLC, a U.S. company developing what would be the world’s largest solar power plant, was approved for new loans in its bankruptcy proceeding as it seeks more time to sell its assets.
The company, based in Oakland, California, and other U.S. units will receive financing arranged by Mason Capital Management LLC that includes $25 million in working capital loans and $18.3 million in letters of credit, according to an order filed today in bankruptcy court in Wilmington, Delaware.
The funding will replace $3.9 million in interim financing approved by the court April 3, the day after Solar Trust and other units filed Chapter 11 papers. NextEra Energy Resources LLC, the largest wind and solar power operator in the U.S., was to provide the interim funding, according to today’s court order.
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The company, based in Oakland, California, and other U.S. units will receive financing arranged by Mason Capital Management LLC that includes $25 million in working capital loans and $18.3 million in letters of credit, according to an order filed today in bankruptcy court in Wilmington, Delaware.
The funding will replace $3.9 million in interim financing approved by the court April 3, the day after Solar Trust and other units filed Chapter 11 papers. NextEra Energy Resources LLC, the largest wind and solar power operator in the U.S., was to provide the interim funding, according to today’s court order.
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