Lumio Holdings, a provider of residential solar solutions, filed for Chapter 11 bankruptcy protection today (3 September) backed by a USD 8m debtor-in-possession (DIP) financing facility and a stalking horse bid from prepetition agent White Oak Global Advisors LLC.

The USD 100m stalking horse credit bid for substantially all of the debtors’ assets comes from LHX Home Services LLC, an entity formed by White Oak. The debtors will move to complete their sale process within about 45 days, according to a declaration of Jeffrey Varsalone, the debtors’ chief restructuring officer (CRO). Varsalone is also the founder and senior managing director of VRS Restructuring Services LLC.

Judge J Kate Stickles of the US Bankruptcy Court for the District of Delaware has not yet scheduled a first day hearing.