The U.S. Bankruptcy Court approved SunEdison’s motion for an order authorizing and approving the private sale of the Debtors’ portion of the global channel and Australia business free and clear of all liens, claims, encumbrances and other interests and granting related relief to buyer Flextronics International USA.
As previously reported, “SunEdison’s residential and small commercial (‘RSC’) business unit is an international, multi-channel operation selling photovoltaic solar systems and equipment in the United States, European Union (‘EU’), as well as in Latin America and Australia, to residential and small commercial customers….The Australia Business is the solar and energy business of SunEdison Australia and SunEdison New Zealand in Australia and New Zealand….The Debtor Sellers’ Purchased Assets consist primarily of contracts, intellectual property, equipment (including office equipment) and inventory used in the Business to create the platform to sell products to the dealers.”
Court-filed documents continue, “The Debtors have a sound business justification for consummating and causing their non-Debtor affiliates to consummate the Sale Transaction. The Debtors’ highest priority in the Chapter 11 Cases is to maximize the value of their estates for the benefit of their creditors and other stakeholders. To that end, the Debtors have secured, after extensive negotiations, an offer from the Buyer for the Purchased Assets. Specifically, the Purchase Price in the APA is for $8.7 million, subject to certain adjustments as set forth in more detail in the APA, including additional consideration for inventory that Buyer agrees to acquire and certain deductions for outstanding amounts on Assigned Contracts and certain specified liabilities and debts.”
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