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SunEdison Bid Procedures Approved

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The U.S. Bankruptcy Court approved SunEdison’s motion for entry of an order approving bidding procedures related to the sale of the Company’s solar materials business and scheduling a sale hearing, including authorizing and approving sellers’ entry into an asset purchase agreement with GCL-Poly Energy Holdings Limited (the stalking horse bidder or buyer) and an order approving the sale of the solar materials business free and clear of all liens, claims, encumbrances and other interests.

As previously reported, “The Stalking Horse Agreement contemplates the sale of the Sellers’ Purchased Assets to the Stalking Horse Bidder for a total of $150,000,000 (the ‘Purchase Price’) payable at the Closing as follows: (i) $100,000,000 payable in cash to the Sellers, (ii) $30,000,000 (the ‘FBR Plant Escrow Amount’) paid into escrow and to be released to Sellers within twelve (12) months following the Closing if the conditions specified in § 6.20 of the Stalking Horse Agreement are satisfied, and (iii) $20,000,000 (the ‘CCZ Plant Escrow Amount’) paid into escrow and to be released to Sellers within twelve (12) months following the Closing if the conditions specified in section 6.21 of the Stalking Horse Agreement are satisfied.”

Court-filed documents continue, “The deadline to submit qualified competing bids is October 13, 2016 and an auction, if necessary, would be conducted on October 13, 2016, followed by an October 20, 2016 sale hearing. Each qualified bid must be for an amount equal to the sum of the purchase price plus the break-up fee in the amount of $4.5 million plus the expense reimbursement amount, in the amount of $2 million plus $150,000. At the auction, qualified bidders may each present subsequent bid, which must provide a net value to the estate of at least an additional $150,000 above the prior bid.”

Read more SunEdison bankruptcy news.

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