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SunEdison Chapter 11 Petition Filed

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SunEdison, fka MEMC Electronic Materials, and certain of its domestic and international subsidiaries filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of New York, lead case number 16-10992. The Company, which develops, finances, installs, owns and operates renewable power plants to residential, commercial, government and utility customerss, is represented by Jay M. Goffman of Skadden, Arps, Slate, Meagher & Flom.

“Our decision to initiate a court-supervised restructuring was a difficult but important step to address our immediate liquidity issues,” said Ahmad Chatila, SunEdison chief executive officer. “The court process will allow us to right-size our balance sheet and reduce our debt, providing the opportunity to support the business going forward while focusing on our core strengths. It also will facilitate our continued work towards transforming the Company into a more streamlined and efficient operator, shedding non-core assets as well as taking other steps to help us get the most value out of our technological and intellectual property. As a result of this process, we expect that SunEdisonwill be in an even better position over the long term to utilize our capabilities in the renewable energy sector in service of our customers, business partners, and employees.” SunEdison has secured commitments for new capital totaling up to $300 million in debtor-in-possession (D.I.P.) financing from a consortium of first and second lien lenders. Subject to Court approval, these financial resources will be made available to the Company to support its continuing business operations, minimize disruption to its worldwide projects and partnerships, and make necessary operational changes.

Read more news on SunEdison.

The post SunEdison Chapter 11 Petition Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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