Petersen-Dean, a residential solar and roofing installer working in multiple states, has filed for Chapter 11 bankruptcy in Nevada.
In a statement, the company said the voluntary restructuring, filed on June 11, is due to the on-going COVID-19 pandemic. Petersen-Dean and its 18 regional offices will continue to operate as usual as it pursues either a restructuring or a sale.
“After a diligent review of our financial alternatives, our management, along with our advisors, concluded that the best path forward for Petersen-Dean and its stakeholders is to seek chapter 11 protection,” said Jim Petersen, founder and CEO. “Through this process, we intend to restructure our balance sheet to achieve a more sustainable debt level to reposition the business for long-term success.”
Founded in 1984 by Jim Petersen, Petersen-Dean was one of the nation’s largest independently owned solar and roofing companies that specialized in new residential construction. The company employs nearly 3,000 solar and roofing employees in nine states: Arizona, California, Colorado, Florida, Hawaii, Louisiana, Nevada, Oklahoma and Texas.
According to Solar Power World records, Petersen-Dean performed solar installations in 2019 in California, Hawaii, Nevada and Texas. The large majority of installations came in California, after the company took advantage of the mandate in the state for all new home construction to come with solar. In 2018, Petersen-Dean acquired Hawaii’s largest solar installation company Haleakala Solar, and Hawaii has become Petersen-Dean’s second largest solar market.
“[Petersen-Dean] will remain focused on maintaining its high standards as it relates to our construction installations and we will continue to operate on all our ongoing projects during the chapter 11 process,” Petersen commented. “Our clients and vendors should expect business as usual across our organization and we will stay steadfast on our collective goal of providing superior solar, roofing and battery installations that our clients have come to expect from our companies.”
Of the 20 largest creditors included in documents related to the bankruptcy filing, many are roofing product distributors.
Court filings and information about the claims process are available with Fox Rothschild LLP, who is acting as the companies’ legal counsel. Conway Mackenzie LLP is serving as restructuring/financial advisors. Questions should be directed to the companies’ claims agent, EPIQ, by email to PetersenDean@epiqglobal.com.