The U.S. Bankruptcy Court approved SunEdison’s second motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including January 26, 2017 and March 27, 2017, respectively.
As previously reported, “Importantly, an extension of the Exclusive Periods will ensure that the Debtors can continue in their process of determining the most value-maximizing manner in which to handle the disposition of their interest in the Yieldcos – either through a sale, reorganization, or some other structure. The outcome of this process is critical to the Debtors’ overall reorganization efforts. The Debtors’ interests in the Yieldcos represent their most valuable assets.”
The motion continued, “To allow the Exclusive Periods to expire at this point would jeopardize the work that the Debtors have accomplished to date and the consensus-building that is the hallmark of these cases and precisely what exclusivity is designed to achieve. An extension of the Exclusive Periods will allow the Debtors to maintain a controlled environment in which they can: (i) negotiate a resolution of the issues raised in the Lien Challenge Complaint, (ii) determine whether a value-maximizing resolution of the issues related to the Yieldcos is possible, or whether they will determine to litigate causes of action, and (iii) identify the best path forward in maximizing the value of their interest in the Yieldcos – each of which will help provide the value-maximizing building blocks for a viable chapter 11 plan.”
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