Sterling Energy Systems Inc., a manufacturer of solar-power equipment, recently filed for Chapter 7 bankruptcy. The company is based in Scottsdale, Arizona.
Executives with Sterling Energy Systems say that rising costs, low demand, and trouble raising funds has hurt their business. Sterling reportedly tried to find a buyer, but did not find anyone and decided to file for bankruptcy instead. Under Chapter 7 bankruptcy, the company will be able to eliminate their debts.
The company’s Chapter 7 filing lists between $1 million and $10 million of assets and between $50 million and $100 million in debts.
Several other solar-power companies have recently filed for bankruptcy as the industry struggles.
If you or someone you know has questions about being eligible to eliminate your debts through Chapter 7 bankruptcy, contact the Birmingham Chapter 7 bankruptcy lawyers of Greenway Bankruptcy Law, LLC by calling (205) 324-4000 today.