December 30 (Renewables Now) - US renewables developer SunEdison Inc announced on Friday that it has emerged from Chapter 11 as a privately-held company after offloading more than USD 2.3 billion (EUR 1.9bn) worth of assets during the process.
Once the biggest renewable energy developer in the world, SunEdison filed for bankruptcy protection in April 2016 after piling up huge amounts of debt. The company submitted a plan of reorganisation on March 28, 2017 and it was approved by a bankruptcy judge in late July. Pursuant to the plan, common stockholders will get no distribution, SunEdison confirmed in a press release.
The company said that it now has a significantly smaller footprint. As part of the reorganisation plan SunEdison sold its two most valuable assets -- its interest in sister yieldcos TerraForm Power Inc (NASDAQ:TERP) and TerraForm Global Inc, both of which are now part of Brookfield Asset Management Inc (TSE:BAM.A). The Canadian asset manager formally completed its acquisition of a 51% stake in TerraForm Power in mid-October and closed a takeover of TerraForm Global a couple of days ago.
SunEdison, which will now be led by Richard Katz as chairman and CEO, noted that it will continue to focus on monetising its remaining assets.
Ankura Consulting provided interim management services for the company, while Skadden, Arps, Slate, Meagher & Flom LLP served as counsel and Togut Segal & Segal LLP acted as co-counsel. Rothschild Inc and PricewaterhouseCoopers LLP were SunEdison’s financial advisors and McKinsey Recovery & Transformation Services US LLC was its restructuring advisor.
(USD 1.0 = EUR 0.833)