The U.S. unit of Swiss solar-panel maker Meyer Burger has received court approval to sell its assets for $29 million in a Chapter 11 sale, overcoming objections from unsecured creditors.
At a hearing, U.S. Bankruptcy Judge Craig T. Goldblatt authorized the sale of nearly all assets of the Meyer Burger U.S. unit to Waaree Solar Americas Inc. for $18.5 million in cash. Additionally, the court approved the sale of solar cells to Babacomari Solar North, which agreed to acquire them through a $10.2 million credit bid.
The transactions had faced opposition from the unsecured creditors committee, who argued the deals primarily benefit secured creditors with minimal value for other stakeholders. Judge Goldblatt overruled these objections, emphasizing that the debtor conducted a thorough process to secure the highest and best bids. Proceeds remaining after paying debtor-in-possession financing lenders will be kept in escrow.
Meyer Burger’s U.S. manufacturing affiliate entered Chapter 11 bankruptcy in June, carrying approximately $562 million in debt. The company had expanded to the U.S. after European markets became saturated with Chinese-produced solar panels, opening manufacturing sites in Arizona and Colorado. Despite these efforts, Meyer Burger was unable to fully capitalize its facilities due to declining demand, import tariffs, and uncertainty over renewable energy tax credits.
The debtor is represented by Richards Layton & Finger PA, while the unsecured creditors committee is represented by Fox Rothschild LLP. The bankruptcy case is In re: Meyer Burger (Holding) Corp. et al., Case No. 1:25-bk-11217, in the U.S. Bankruptcy Court for the District of Delaware.
