SunEdison Bankruptcy Settlement Approval Sought


SunEdison filed with the U.S. Bankruptcy Court a motion for entry of an order authorizing and approving its entry into a settlement agreement with BCPG PLC.

The motion explains, “On January 29, 2016, the Sellers (each of which is a Debtor) and the non-Debtor SunEdison Affiliates entered into that certain Asset Purchase Agreement with the Purchaser (the ‘Purchase and Sale Agreement’, and the transaction set forth therein, the ‘Sale Transaction’), pursuant to which the Purchaser purchased (a) 100% of the issued and outstanding shares in SunEdison Japan Corporation, a joint-stock company organized under the laws of Japan from the US Seller and (b) 100% of the issued and outstanding shares of each of the following, from the TK Holdco Seller: (i) SunEdison Japan Debt Financing and (ii) SunEdison TK Investor, each a Singapore private company limited by shares.”

In addition, “To fully and finally resolve all claims arising under the Purchase and Sale Agreement, including any and all amounts that may come due in the future, the Parties entered into the Settlement Agreement, which provides for a single payment from Purchaser to the SUNE Parties of approximately JPY 1.59 billion (approximately $14 million) (the ‘Settlement Payment’). The Settlement Agreement contains a mutual release of all claims arising out of or related to the Purchase and Sale Agreement.”

The Court scheduled a May 18, 2017 hearing to consider the settlement motion.

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