Quantcast
Channel: Daily Bankrupt Company Updates | Bankrupt Company News
Viewing all articles
Browse latest Browse all 4593

SunEdison Commitment Letter, Agreement Approved

0
0

The U.S. Bankruptcy Court approved SunEdison’s motion for entry of an order authorizing and approving (i) (a) its entry into a backstop commitment letter, (b) equity commitment agreement, (c) payment of fees and expenses and (ii) the rights offering procedures and related forms.

As previously reported, “The Debtors seek approval of the Backstop Commitment Letter, Equity Commitment Agreement, the Rights Offering Procedures, and the Rights Offering Materials, which provide certain funding that will become the backbone of the Debtors’ proposed chapter 11 plan…will allow the Debtors to repay the debtor-in-possession financing facility and other administrative claims in full, and provide the necessary new capital to enable the Debtors to finish the task of maximizing and distributing substantial value – including over $830 million in value from the Yieldco transactions when they close – pursuant to the Plan. In order to fund the Plan and the Debtors’ emergence from bankruptcy, among other things, the Debtors intend to raise a minimum of $213.75 million pursuant to a rights offering of New SUNE Common Stock and New TERP Class A Shares (the ‘Rights Offering’), offered to Non-Roll Up Second Lien Secured Parties and holders of allowed general unsecured claims, in each case, that are ‘accredited investors.'”

In addition, “Additionally, the Debtors intend to offer the Backstop Purchasers, eight institutions that the Debtors understand hold approximately 68% of the Non-Rolled Up Second Lien debt obligations, the opportunity to purchase additional shares of New SUNE Common Stock and New TERP Class A Shares resulting in a further $71.25 million of proceeds to the Debtors (the ‘Direct Equity Offering’).”

Read more SunEdison bankruptcy news.

The post SunEdison Commitment Letter, Agreement Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


Viewing all articles
Browse latest Browse all 4593

Latest Images

Trending Articles





Latest Images