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SunEdison Procedures Approved

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The U.S. Bankruptcy Court approved SunEdison’s motion for an order approving bidding procedures for soliciting other bids for 15 GE 1.79-100 wind turbines, including authorizing and approving the seller’s entry into an asset purchase agreement with stalking horse bidder BayWare Wind and an order approving the sale of turbines free and clear of all liens, claims, encumbrances and other interests.

As previously reported, “Specifically, the Purchase Price in the Stalking Horse Agreement is for $11,865,281.62, which amount shall be payable by the Stalking Horse Buyer in its entirety at the Closing and distributed to Seller in accordance with the terms of the Stalking Horse Agreement.”

Court-filed documents continue, “In exchange for the stalking horse arrangement, the Debtors seek to provide the Stalking Horse Buyer with the Bid Protections on the terms set forth in the Stalking Horse Agreement. The Debtors, after consultation with their experienced advisors…in accordance with Section 7.3 of the Asset Purchase Agreement: (a) reasonable documented out-of-pocket costs, fees, and expenses (including expenses of outside counsel, accountants and financial advisors) incurred by the Stalking Horse Buyer in connection with or related to its evaluation, diligence, negotiation, and documentation of a possible transaction with the Seller or in connection with or related to the transactions contemplated by the Asset Purchase Agreement, up to a maximum amount of $118,652.82 (1.00% of the Purchase Price) (the ‘Expense Reimbursement’) and (b) $355,958.45 (3.00% of the Purchase Price) (the ‘Break-up Fee,’ and together with the Expense Reimbursement, the ‘Bid Protections’), upon the consummation of an Alternative Transaction, as and to the extent set forth in the Asset Purchase Agreement.”

The deadline to submit qualified competing bids is November 11, 2016 and an auction, if necessary, would be conducted on November 15, 2016 followed by a November 17, 2016 sale hearing.

Read more SunEdison bankruptcy news.

The post SunEdison Procedures Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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