RGS Energy files for bankruptcy after terminating workforce

DENVER — Real Goods Solar Inc., a rooftop solar-panel manufacturer headquartered in Denver and formerly housed in Louisville, filed for Chapter 7 bankruptcy protection this week in U.S. Bankruptcy Court in Denver.

The filing comes about two months after the firm, which does business as RGS Energy, informed the U.S. Securities and Exchange Commission that it would seek to liquidate and terminate all employees. 

On Jan. 31, RGS’ board of directors voted to cut all staffers, including CEO Dennis Lacey, who was subsequently reappointed to serve as the firm’s authorized signatory in the bankruptcy case, and move the company’s stock from the OTCQX market to the OTC Pink market. That stock is still being traded on the over-the-counter exchange, where shares can be purchased for fractions of a cent. (The stock was trading around $0.005 midway through the day Friday.)

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RGS, which moved to Denver in 2017, has been a firm on the verge of collapse long before workers were terminated and bankruptcy protection sought.

In December 2016, the firm announced its third reverse stock split in an effort to boost the share price. As recently as 2018, RGS was traded on the Nasdaq exchange but regularly faced threats of being delisted for consistently trading below $1. 

RGS representatives could not be reached for comment Friday, and the company’s phone lines were disconnected. 

Bankruptcy filings list RGS’ assets at about $13.4 million and liabilities at about $9.9 million. The company listed between 200 and 999 creditors.