SunEdison filed with the U.S. Bankruptcy Court a motion for entry of an order authorizing and approving (i) the private sale of SunEdison Holdings’ shares in SuneTroughton Farm Solar Limited to purchaser Stark Solar Limited, (ii) the assumption by NVT Licenses of the EPC contract and (iii) the inter-company claims settlement.
SunEdison explains, “By this Motion, the Seller seeks to sell its shares in the Project Company to the Buyer, a company incorporated in England and Wales. While the consideration to be paid to the Seller will be negligible, contemporaneous with the closing, the Buyer will cause the Project Company to access financing offered pursuant to the Bayern Facility….These financing proceeds will be used to satisfy the Intercompany Debt, the vast majority of which is owed to debtor entity NVT Licenses, which provides the engineering, procurement, and construction services to the Project Company, and, then in turn, to pay certain prepetition debts that NVT Licenses owes to vendors, who are critical to the preservation of the value of the Project.”
The motion continues, “The Seller seeks to move forward with the Sale Transaction as a private sale…..Seller will sell and Buyer will purchase the Shares on the terms set forth in the Agreement for a purchase price of £27,287,33014 (the ‘Enterprise Value’), subject to certain purchase price adjustments described in the Agreement, including a £1,000,000 post-completion adjustment retention. The net proceeds of approximately £26,287,330 will primarily go toward repayment of a portion of the approximately £35,000,000 of intercompany debt owed by the Project Company to the Seller, NVT Licenses, SunE Greenfield Ltd. (‘Greenfield’), and SunE Finance BV (‘FinanceCo’) (collectively, the ‘Intercompany Debt’).”
The Court scheduled a September 15, 2016 hearing to consider the motion, with objections due by September 8, 2016. Read more SunEdison bankruptcy news.
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