SunEdison Undertakes Chapter 11 Reorganization
Maryland Heightx, USA - SunEdison, Inc. announced that it has commenced a process to restructure its balance sheet and position the company for the future.
SunEdison's publicly-traded yieldcos, TerraForm Power (NASDAQ: TERP) and TerraForm Global (NASDAQ: GLBL), are not part of the filing.
SunEdison has secured commitments for new capital totaling up to $300 million in debtor-in-possession (DIP) financing from a consortium of first and second lien lenders. Subject to Court approval, these financial resources will be made available to SunEdison to support its continuing business operations, minimize disruption to its worldwide projects and partnerships, and make necessary operational changes. The new financing will support day-to-day operations during the reorganization.
SunEdison has made customary filings, including first day motions, with the Court, which, if granted, will help ensure a smooth transition into chapter 11 without business disruption. The motions are expected to be addressed by the Court promptly following the filing, and include, among other things, a request for approval of the debtor-in-possession financing, as well as requests for authority to make wage and salary payments, continue various benefits for employees, honor certain customer programs, and other relief in order to continue the day-to-day operations of SunEdison.
Additional information on the restructuring can be found at www.restructuringupdates.com or by calling the Company's toll-free restructuring information line at (855) 388-4575 (or, if you are calling from outside the U.S. or Canada, at +1 (646) 795-6966). Information about the claims process will also be available at https://cases.primeclerk.com/sunedison.
SunEdison has hired Rothschild Inc. and McKinsey Recovery & Transformation Services U.S., LLC as advisors in connection with the Company's restructuring. Skadden, Arps, Slate, Meagher & Flom LLP is acting as its legal advisor.
Source: IWR Online, 22 Apr 2016
