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Settlement reached in Sunetric case


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POSTED: Thursday, November 26, 2009

A settlement was reached in U.S. Bankruptcy Court yesterday between a Kailua-based solar company and its creditors.

Terms of the settlement are confidential, but as part of the deal, petitioning creditors agreed to dismiss their involuntary Chapter 7 case against Elemental Energy LLC, dba Sunetric.

The four creditors included Joshua Powell, formerly Sunetric's vice president of construction operations, who claimed he was owed $175,000 in compensation, along with PLS Builders, Allison-Ide Structural Engineers and Pang Communications.

The main dispute in the case was between Sunetric President Sean Mullen and Powell, given that the other three creditors had since been paid.

The involuntary bankruptcy petition was filed on July 30, and the trial began on Tuesday.