Sunlight Financial gets interim approval for $10 million backstop

Chicago, Nov. 1 – Sunlight Financial Holdings Inc. received interim approval for a $10 million backstop facility as post-petition financing, according to an order from the U.S. Bankruptcy Court for the District of Delaware.

The approval is for a $10 million senior secured superpriority term loan facility.

Sunlight also has access to and use of its cash collateral.

Cross River Bank will be the lender.

Cross River Bank was the lender on Sunlight’s prepetition term loans for $109.9 million. The bank also extended an additional advance of $4.4 million to allow for the start of the Chapter 11 cases on Oct. 30.

A final hearing regarding the debtor-in-possession financing is scheduled for Dec. 5.

Sunlight Financial is a Charlotte, N.C.-based point-of-sale finance company that partners with contractors to provide homeowners with financing for the installation of residential solar systems and other home improvements. The Chapter 11 case number is 23-11794.

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