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SunEdison Bankruptcy Sale Approved

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The U.S. Bankruptcy Court approved SunEdison’s motion for an order authorizing the private sale of the Company’s Commercial & Industrial (C&I) business to purchaser MyPower Corp.

As previously reported, “The Purchase Agreement contemplates the sale of the Purchased Assets, which comprise substantially all of the remaining assets of the Company’s C&I Business, to the Buyer for a total of at least $15,000,000 (the ‘Purchase Price’) payable at the Closing as follows: (i) $9,500,000 payable in cash (the ‘Cash Purchase Price’) to the Sellers….Finally, the Cash Purchase Price is subject to downward adjustment (such adjustment not to exceed $3 million in the aggregate) for the termination of, or failure by SunEdison to deliver, certain pipeline projects or pipeline contracts at Closing; such adjustment shall be in the amount of 10 cents per watt based upon the capacity of the undelivered pipeline project.”

In addition, “The Sale Transaction contemplates the creation of a new wholly-owned limited liability company, Forefront Power, which shall be wholly owned by Debtor Sun Edison. Forefront LLC shall receive transfers of certain assets relating to pipeline projects, including but not limited to certain contracts, permits, authorizations, options, leases, and other related assets, from certain Debtor and non-Debtor transferor entities. Upon the closing of the Sale Transaction, …a Buyer affiliate will hire certain C&I Business employees from the Company.”

Read more SunEdison bankruptcy news.

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


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