Austin Solar System Installer Files for Bankruptcy Protection

by San Antonio Attorney

Austin Solar System Installer Files for Bankruptcy Protection

Austin-based Revolve Solar Inc. filed for Chapter 11 bankruptcy to restructure the company’s debt.  CEO Tim Padden said in a statement that they will continue operating.

He also said that the main reason for the bankruptcy filing was a billing disagreement with a vendor.  However, he did not reveal the name of the vendor.

Court documents show that the biggest unsecured creditor of Revolve Solar is Consolidated Electrical Distributors Inc.  According to the documents, the company owes $3.7 million to the creditor.  Other creditors stated were FleetStaff Inc., Krannich Solar, Soligent Distribution and a couple of Austin residents.

Based on court records, Revolve Solar filed a bankruptcy petition on July 31 in Texas bankruptcy court.  Padden said the company made $18 million in 2015, but did not provide information about the company’s assets and liabilities.

In 2015, Revolve Solar was named in ABJ’s 2015 Fast 50 as the top two fastest growing company in Austin, Texas.  From 2012 to 2014, the company had over $10 million in revenue.  At that time, the solar company said its income increased from $1.76 million in 2012 to almost $16 million in 2014.

When Padden was interviewed in late 2015, he said it won’t be surprising for the returns to reach $20 million.

Even though there are many offers to purchase the company, Padden said Revolve Solar is not for sale.

The company has 100 employees; half of them are in the Texas capital area.

A creditors meeting is scheduled on Aug. 30.  In the interim, the operations of the company are not affected by the bankruptcy process.  Padden said the company would keep on servicing clients and installing systems in the pipeline.

Revolve Solar is a solar photovoltaic (PV) power system installer for commercial and residential market in Northern California and Central Texas.

 

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