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SunEdison Bankruptcy Status Report Filed

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SunEdison’s C.E.O., John S. Dubel, filed with the U.S. Bankruptcy Court a status report for the period of June 14, 2017 through October 20, 2017.

According to documents filed with the Court, “Since the commencement of these Chapter 11 Cases, the Company has made substantial progress toward its goal of maximizing the value of its assets for the benefit of all stakeholders….Such progress has included the following notable achievements: Confirming the Debtors’ second amended joint chapter 11 plan of reorganization (as amended, the ‘Plan’), which was heavily negotiated and received overwhelming support from the Debtors’ constituents; Obtaining Court approval, in conjunction with confirmation of the Plan, of the Committee/BOKF Plan Settlement that is embodied in the Plan….Negotiating and obtaining Court approval of the (i) GAM TSA…with TERP.”

In addition, “Continuing value-generating sale efforts related to (i) executing various new asset sale transactions with a total of approximately $86 million in net sale proceeds, and (ii) fully consummating and bringing in value from asset sales that closed prior to this reporting period, including, for example, reaching a settlement among the Debtors, SMP, Ltd., and GCL-Poly Energy Holdings Limited related to a contingent earnout from the previously closed sale of the Debtors’ solar materials business that brought in $25 million for the Debtors’ estates…Collectively, these accomplishments have set the stage for the Debtors to emerge from chapter 11 in the near term. While certain issues remain outstanding – and will be addressed in the coming months – the Debtors continue to work diligently with their constituents and advisors to effectuate the transition process contemplated in connection with the YieldCos’ merger transactions with Brookfield and emerge from chapter 11.”

Read more SunEdison bankruptcy news.

The post SunEdison Bankruptcy Status Report Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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