Latest news with #363
Business Wire
06-06-2025
- Business
- Business Wire
Mosaic Takes Strategic Action to Restructure and Recapitalize with the Support of Its Lender to Position the Company for the Future
OAKLAND, Calif.--(BUSINESS WIRE)--Solar Mosaic (the "Company" or "Mosaic"), a fintech platform for U.S. residential solar and energy-efficient home improvements, today announced the Company filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code ('Chapter 11') in the United States Bankruptcy Court for the Southern District of Texas (the 'Court'). Through the Chapter 11 process, Mosaic intends to complete a restructuring and recapitalization supported by certain of the Company's existing lenders, including Forbright Bank ('Forbright') acting as Administrative Agent on behalf of lenders, while simultaneously conducting a comprehensive marketing process of its platform and other assets of the Company. Prior to filing for Chapter 11, Mosaic took actions to strategically and operationally reorganize the business to meet its current liquidity needs. Macroeconomic challenges facing the entire residential solar industry, including high interest rates and legislation that threatens to eliminate tax credits for residential solar, have impacted the flow of capital. Mosaic determined a Court-supervised process was the best way to maintain its loan servicing platform, effectuate a full sale and marketing process for its assets, and maximize value for its stakeholders. This important step was taken after careful consideration and in consultation with the Company's Board of Directors and advisors. The Company expects to execute the restructuring and recapitalization through a Chapter 11 plan of reorganization sponsored by Forbright and potentially consummate one or more asset sale transactions pursuant to Section 363 of the U.S. Bankruptcy Code. Throughout the Court-supervised process, Mosaic expects to remain fully operational without disruption, and the Company remains committed to working with its network of installers, investors and capital markets partners, and customers. Mosaic plans to maintain its loan servicing operation, ensuring customers can continue to pay their loans as planned and collections are remitted to loan owners. As an existing loan servicing customer of Mosaic, Forbright intends to use its significant financial strength to support Mosaic's servicing operations for all loan owners. 'Today's announcement marks a significant step for Mosaic to address our financial position amid the macroeconomic challenges facing the residential solar industry as well as the recent legislation passed by the House that rolls back residential solar tax credits,' said Patrick Moore, Mosaic Chief Executive Officer. 'Throughout this process, we remain focused on maintaining stability for our customers, business partners, and employees.' Mosaic will receive $45 million in debtor-in-possession financing from its existing lenders, including $15 million in new money financing which, following court approval, is expected to fund the company's ongoing operations and administrative expenses during the Chapter 11 cases. Mosaic has filed a number of customary motions with the Court to ensure that its operations continue as usual during the Court process. This includes motions requesting Court authority to pay employee wages and benefits, compensate certain vendors and suppliers on a go-forward basis, and facilitate the completion of partially finished installation projects. Additional information regarding the Company's Chapter 11 process is available at Stakeholders with questions can contact the Company's claims agent, Kroll by calling (833) 953-7040 (U.S./Canada) or +1 (646) 974-5614 (International) or emailing mosaicInfo@ Advisors Paul Hastings LLP is serving as legal counsel, BRG is serving as chief restructuring officer, Jefferies is serving as the investment banker, and C Street Advisory Group is serving as strategic communications advisor to the Company. Blank Rome LLP is serving as legal counsel and Huron Consulting Group is serving as financial advisor to Forbright Bank. About Mosaic Mosaic is an industry-leading fintech platform for sustainable home improvements. Founded in 2010, Mosaic is a pioneer in clean energy lending providing innovative solutions for financing solar, battery storage, and more. Mosaic has funded $15 billion in loans to date, helping more than 500,000 households make their homes more sustainable and efficient. About Forbright Bank Forbright is an FDIC-insured bank and commercial lender focused on helping to build a brighter future. Forbright is committed to exceptional client service by providing seamless, innovative personal banking services to depositors and creative financing solutions to middle market businesses and investors in healthcare, technology, financial services, real estate, and other industries.
Gulf Today
23-05-2025
- Business
- Gulf Today
Pension payments for May to be disbursed Tuesday: GPSSA
The General Pension and Social Security Authority (GPSSA) announced that a total of Dhs831,363,259.82 worth of pension payments will be disbursed on Tuesday 27th May 2025, an increase of Dhs52,814,510 from May 2024, when pension payments totalled Dhs778,548,749.06. The payments will benefit a total of 49,910 pensioners and beneficiaries, an increase of 1,760 from the 48,150 who received disbursements in May 2024. Pension payments are disbursed to civilians subject to the laws implemented by the GPSSA as well as to eligible pensioners and beneficiaries whose files are managed by the GPSSA on behalf of the Ministry of Finance and in accordance with the pension laws by which they are subject to. WAM
Daily Express
17-05-2025
- Daily Express
7 house-breaking cases solved: Cops
Published on: Saturday, May 17, 2025 Published on: Sat, May 17, 2025 By: Clarence Dol Text Size: RANAU: Swift action by police led to the arrest of two local men on suspicion of being involved in several housebreaking cases in the district. Police believe with the arrests they had successfully solved seven reported cases involving an estimated RM149,363. Advertisement The first suspect had six past criminal records involving drug cases, robbery and housebreaking, while the second did not have any criminal record. Also seized were various items believed stolen such as jewelry, foreign currency cash, vehicles and several important documents of the housebreaking victims. One of the suspects was found positive for Methamphetamine and Amphetamine. This success is the result of the efficiency and commitment of the Ranau IPD BSJD team in combating criminal activities and ensuring public safety in this district. Advertisement The community is advised to continue to cooperate in channeling information on criminal activities in this district to the PDRM. * Follow us on Instagram and join our Telegram and/or WhatsApp channel(s) for the latest news you don't want to miss. * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
Yahoo
13-05-2025
- Sport
- Yahoo
Why a shockingly small number of NCAA basketball players declared for the 2025 NBA Draft
The 2025 NBA Draft may look a little bit different than previous years because the college basketball landscape is changing rapidly and dramatically. Collegiate prospects who fully exhausts their college eligibility and international prospect who turns 22 years old in the calendar year of the draft are considered automatically eligible. But all other prospects had until April 26 at 11:59 p.m. ET to declare as early entry candidates. Advertisement There were only 106 names that appeared on this list, which is actually a shockingly low number. For comparison, per ESPN's Jonathan Givony, that is the lowest total number of initial early entry candidates since 2015. The NBA received as many as 363 candidates just four years ago in 2021. Among those 106 names, meanwhile, only 73 played college basketball last season. Then, from that group, those players have until May 28 at 11:59 p.m. ET to withdraw from the draft if they wish to play in the NCAA next season. After the 2025 NBA Draft Combine in Chicago, many of them will ultimately take that opportunity. Advertisement From the 73 collegiate players who will at least test the waters of the 2025 NBA Draft, 29 of them (e.g. Darrion Williams, Boogie Fland, RJ Luis, PJ Haggerty) are also in the transfer portal. Even within that group, 19 of those players (e.g. Yaxel Lendeborg, Chad Baker-Mazara, Tayton Conerway, and Silas Demary Jr.) have already made commitments to new schools. The reality is that many of the best players in college basketball can earn more money on name, image, and likeness deals as collegiate stars than they would have in the first year of their rookie contracts or two-way deals in the pros. For example, Texas Tech's J.T. Toppin will reportedly receive more than $4 million from NIL to return to Texas Tech. That is more than whoever becomes the No. 19 pick in the 2025 NBA Draft will receive on his rookie scale deal, and that is higher than where Toppin was projected in most mocks. Some other notable names who did not appear on the early entry list include Alex Karaban (who will return to UConn) and Ian Jackson (who will transfer from North Carolina to St. John's). Advertisement This is good news for talent evaluators, good news for college basketball fans, good news for NBA pro teams, and good news for college basketball players. While it might mean a longer journey to the NBA unless you are a bona fide top pick like Cooper Flagg, the current system allows for more development time while still receiving a big paycheck. Meanwhile, for more prospect coverage, here is our latest NBA mock draft at For The Win. The best takes and the sharpest bets on all the hoops storylines you need to know. Sign up for our Layup Lines newsletter, hitting your inbox on Mondays, Wednesdays and Fridays. This article originally appeared on For The Win: Why so few college basketball players declared for the 2025 NBA Draft
Time of India
27-04-2025
- Business
- Time of India
MRPL achieves record operational performance despite dip in annual profit
MRPL announced its FY 2024-25 results, achieving record crude throughput of 18.044 MMT and improved operational efficiency. Revenue increased to Rs 1,09,277 crore, but profit after tax declined to Rs 51 crore. MANGALURU: Mangalore Refinery and Petrochemicals Limited ( MRPL ), a subsidiary of ONGC and a Schedule 'A' Mini Ratna company, announced its financial results for the fourth quarter and full financial year 2024-25 at its 269th Board Meeting held on Saturday. MRPL reported several operational milestones during the year. The company achieved its highest-ever gross crude throughput of 18.044 million metric tonnes (MMT) during FY 2024-25, surpassing its previous record of 17.116 MMT in FY 2022-23. The distillate yield improved to 81.93 percent, while aviation turbine fuel (ATF) production increased to 2.72 MMT. Production of reformate and 95 RON MS from the aromatic complex rose to 1.20 MMT, and benzene production touched 0.21 MMT. MRPL also achieved its lowest specific energy consumption (MBN) of 70.71 since Phase-3 commissioning, demonstrating further operational efficiency. Key infrastructure projects, including a new bitumen train and the PFCC Wet Gas Scrubber , were successfully commissioned during the year. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Secure Your Child's Future with Strong English Fluency Planet Spark Learn More Undo In the marketing segment, MRPL commissioned the Devangonthi Marketing Terminal, enabling dispatch of MS, HSD, and ATF products. It also expanded its retail network by commissioning 66 new retail outlets, including three in Tamil Nadu , taking the total number of operational outlets to 167. Financially, MRPL's revenue from operations for FY 2024-25 stood at Rs 1,09,277 crore, an increase from Rs 1,05,223 crore in FY 2023-24. However, the company's profit after tax (PAT) dropped significantly to Rs 51 crore, compared to Rs 3,596 crore in the previous fiscal. The gross refining margin (GRM) for the year was US$ 4.45 per barrel, down from US$ 10.36 per barrel in FY 2023-24. For the fourth quarter (Q4 FY 2024-25), MRPL reported revenue from operations of Rs 27,601 crore, compared to Rs 29,190 crore in Q4 FY 2023-24. The profit before tax stood at Rs 584 crore against Rs 1,766 crore in the previous year's corresponding quarter. Profit after tax for Q4 was Rs 363 crore, lower than Rs 1,137 crore recorded a year earlier. The GRM for the quarter was US$ 6.23 per barrel, compared to US$ 11.35 per barrel in Q4 FY 2023-24.
