We are advising White Oak in connection with the chapter 11 proceedings of Lumio 

Davis Polk is advising White Oak Global Advisors, LLC (together with its affiliates, “White Oak”) as the largest prepetition secured lender, debtor-in-possession (DIP) financing provider and stalking horse bidder in connection with the chapter 11 cases of Lumio Holding, Inc. and Lumio HX Inc (collectively, “Lumio”). On September 3, 2024, Lumio filed voluntary chapter 11 petitions in the United States Bankruptcy Court for the District of Delaware. White Oak is providing $8 million in DIP financing to Lumio to support operations in the ordinary course during the chapter 11 cases. The DIP financing was approved on an interim basis at Lumio’s “first day” hearing on September 4, 2024, along with other first day relief.

White Oak has also entered an approximately $100 million stalking-horse credit bid to acquire substantially all of Lumio’s assets. Lumio is seeking court approval for an expedited sale process to elicit the highest or otherwise best bid for its assets.

Lumio is a provider of personalized renewable energy, servicing customers across the United States. Lumio is the largest privately held residential solar provider that is fully vertically integrated with a full suite of photovoltaic solar system sales, installation and operations.

White Oak is a leading global alternative asset manager that manages approximately $9.7 billion of balance sheet assets. White Oak is headquartered in San Francisco and specializes in originating and providing financing solutions to facilitate the growth, refinancing and recapitalization of small and medium enterprises. 

The Davis Polk restructuring team includes partner Darren S. Klein, counsel Joanna McDonald and associates Stella Li and Mariya Dekhtyar. The finance team includes partner Christian Fischer and associates Alexander K.B. Shimamura and Linyang Wu. The M&A team includes counsel Jacob S. Kleinman and associate Dylan Major. Counsel Joseph S. Brown is providing executive compensation and employee benefits advice. Partner Kara L. Mungovan and counsel Leslie J. Altus are providing tax advice. All members of the Davis Polk team are based in the New York office.

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