The largest solar firm in Vermont — one of the state’s few publicly traded companies — declared Chapter 11 bankruptcy this week amid slumping sales and executive turmoil.
iSun, whose subsidiaries include the residential solar installer SunCommon, hopes a court-overseen fire sale in the weeks ahead will salvage the company’s operations, attorneys told a bankruptcy judge in Delaware.
The Williston-based company reported a $19.4 million operating loss in 2023 and millions in debt. iSun is losing $250,000 per week and has relied on new loans from investment firms to avoid liquidation.
In its bankruptcy petition, filed on Monday, the company blamed high interest rates for depressing customer demand and increasing costs.
iSun currently employs 196 people, many of whom work in Vermont.
iSun, formerly the Peck Company, purchased SunCommon in 2021, giving it a regional foothold in residential, commercial and industrial-scale solar installation.
Over the past six months, however, iSun has shown signs of crisis. Jeff Peck was replaced as CEO by private equity and restructuring expert Robert Zulkoski in March. The following month, Zulkoski was out and Peck returned as CEO. Chief financial officer John Sullivan also departed.
NASDAQ delisted iSun stock in May; it was trading on Friday at 2 cents per share.
An affiliate of Texas-based energy investment firm Siltstone Capital will seek to purchase iSun through a bankruptcy sale, the companies said in court filings this week.
iSun and SunCommon did not respond to interview requests.
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