We advised an ad hoc group of holders of Solar Mosaic’s approximately $3.8 billion of asset-backed securities

Davis Polk advised an ad hoc group of holders of Solar Mosaic’s approximately $3.8 billion of asset-backed securities (ABS) in connection with cases commenced in the Southern District of Texas by Mosaic Sustainable Finance Corporation and certain of its subsidiaries (collectively, “Solar Mosaic”) under chapter 11 of the United States Bankruptcy Code.

On September 5, 2025, the bankruptcy court confirmed Solar Mosaic’s chapter 11 plan. Consummation of the chapter 11 plan required the execution of new servicing and administration agreements as well as amendments to various other ABS documents, pursuant to which Forbright Bank, the equity holder of the reorganized company, agreed to assume Solar Mosaic’s role as administrator and servicer to the ABS trusts. Consents to the amended ABS documents required to consummate the chapter 11 plan were obtained through a consent solicitation process from the requisite thresholds of holders of each of the 21 series of Solar Mosaic’s ABS. Solar Mosaic emerged from chapter 11 on September 22, 2025.

Founded in 2010 and based in Oakland, California, Solar Mosaic is one of the oldest financing companies in the U.S. residential solar space.

The Davis Polk restructuring team included partner Angela M. Libby, counsel Brian Hecht and associates Helen (Muhan) Zhang, Katharine O’Neill and Rebecca Sattaur. The finance team included partner Ryan D. McNaughton, counsel Demitrios (Jimmy) T. Moustakis and associate A.J. Koch. All members of the Davis Polk team are based in the New York office.

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