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SET Commences Voluntary Chapter 11, Orderly Liquidation and Wind-down

November 15, 2023, 07:02 AM
Filed Under: Bankruptcy

Smart Earth Technologies (“SET”), a provider of environmentally sustainable utility management solutions for water utilities is looking to enter into a financial restructuring that will culminate in an orderly liquidation and wind-down of the Company.

To accomplish the orderly liquidation and wind-down in an efficient manner, SET and its affiliate Debtor (Smart Water Services LLC) filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware (the “Court”).

SET expects to continue operating its business as it winds down operations and has secured a commitment for financing, which will provide funds to support ongoing operations during the orderly liquidation and Chapter 11 process. The Company will work closely with its various stakeholders to help ensure that services are uninterrupted during the wind-down.

The Company also filed with the Court a series of customary motions seeking to stabilize the business and uphold its commitments to employees and other stakeholders during the process. These “first day” motions, filed to ensure a smooth transition into Chapter 11, include requests to continue paying wages and providing benefits to employees in the normal course.

Matthew Bouslog of Allen Matkins Leck Gamble Mallory & Natsis, LLP and Gregory Taylor of Ashby & Geddes, P.A. is serving as legal counsel to Smart Earth Technologies, LLC, and Don Van der Wiel of G2 Capital Advisors is serving as the Company’s Chief Restructuring Officer.

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