SunEdison filed with the U.S. Bankruptcy Court a fourth motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including March 29, 2017 and May 29, 2017, respectively.
The motion explains, “The Debtors continue to drive toward filing a chapter 11 plan before the Exclusive Filing Period deadline. However, the Debtors seek a modest extension of the Exclusive Periods out of an abundance of caution in the event that, as the Exclusive Filing Period deadline approaches, the then existing facts warrant holding off on filing a plan for an additional short period. While the Debtors have made significant progress to date, there are a few remaining issues to be addressed. Extending the Exclusive Periods will allow the Debtors to address these issues, including negotiating definitive documentation with Brookfield, executing settlement agreements with the Yieldcos, and finalizing a proposed allocation of the consideration to be received from the Brookfield transactions to the release of avoidance actions against the Yieldcos.”
In addition, “As the Debtors have previously noted, they may either decide to file a plan that toggles to alterative outcomes based on resolution of these contingencies, or wait until certain of these matters become more clear. The Debtors therefore request this brief extension of the Exclusive Periods to allow them the optionality to decide the best course closer to the Exclusive Filing Period deadline.”
The Court scheduled a March 7, 2017 hearing to consider the extension motion, with objections due by February 28, 2017.
Read more energy bankruptcy news.
The post SunEdison Extension Sought appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.