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A $100 million claim from Korean manufacturer Ace Engineering & Co.,
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More than $85 million in disputed contracts over manufacturing delays.
The crisis deepened in March, when Powin’s secured lender declared a default, and in April, appointed an independent manager to oversee operations.
Inside the Collapse: Misfires and Missed Promises
Gerard Uzzi, Powin’s chief restructuring officer, painted a dire picture in court. He cited an “extreme overdependence on trade credit,” swelling customer damage claims, and a “real credibility problem” that had eroded trust with key clients.
“We haven’t had time to trace the exact roots of the crisis,” Uzzi admitted, “but our immediate focus has been to create a plan to preserve value and minimize liability.”
Crucially, two of Powin’s largest customers canceled projects mid-negotiation, making the engineering and installation wing “unsustainable”. In contrast, clients expressed strong interest in preserving the monitoring and long-term service agreement (LTSA) business—the lifeline Powin now aims to reorganize around.
