SunEdison filed with the U.S. Bankruptcy Court a First Amended Disclosure Statement for its First Amended Joint Plan of Reorganization.
According to documents filed with the Court, “The Plan depends on two global settlements: (1) The YieldCo Settlements – As of March 6, 2017, the Debtors announced their proposed settlements of Claims and Causes of Action between the Debtors and each of the YieldCos (the ‘YieldCo Settlements’) that provide for the Debtors to receive 36.9% and 25% (exclusive of SunEdison’s current Class A share ownership in GLBL), respectively, of the total consideration flowing to TERP and GLBL from the Jointly Supported Transactions with Brookfield, as set forth below. The Plan envisions (a) the Debtors’ (or their creditors’) continued ownership of certain shares in TERP under Brookfield’s sponsorship, (b) the Debtors’ receipt of some cash from the sale of certain of their shares in TERP, and (c) the Debtors’ sale (for cash) of their interests in GLBL. The amounts of sub-clauses (a) and (b) shall be determined, in part, by the Debtors’ choice as well as the choices made by the public “Class A” shareholders of TERP.”
In addition, “As of the date hereof and based on the announced share price on March 7, 2017, the approximate aggregate value of sub-clauses (a), (b), and (c) will be more than $800 million….(2) The Committee/BOKF Plan Settlement – On May 16, 2017, the Debtors announced a global settlement (the ‘Committee/BOKF Plan Settlement’) among the Debtors, the Tranche B Roll-Up Lenders/Steering Committee of Prepetition Second Lien Lenders and Noteholders (the ‘Tranche B Lenders/Steering Committee’), the Creditors’ Committee, and BOKF (as Convertible Senior Notes Indenture Trustee) of all pending litigation commenced by the Creditors’ Committee and BOKF, in consideration for, among other things, the transfer of certain assets of meaningful value to the GUC/Litigation Trust for the benefit of Holders of General Unsecured Claims.”
The Court subsequently approved the Disclosure Statement and scheduled a July 20, 2017 hearing to consider the Plan.
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