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SunEdison Bankruptcy Plan Modifications, Exhibits Filed

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SunEdison filed with the U.S. Bankruptcy Court proposed modifications to the Company’s Joint Plan of Reorganization, which notes, “The Draft Amended Plan reflects comments and requested changes that the Debtors have received from numerous parties in interest, but does not reflect all comments and requested changes that the Debtors intend to incorporate, and remains subject to further review and revision.”

According to documents filed with the Court, “The Plan also proposes or incorporates two settlements: First, the Plan is dependent on settlements of Claims and Causes of Action between the Debtors and each of the YieldCos. The YieldCo Settlements, negotiations of which were first announced in late January 2017, were entered into as of March 6, 2017 and the YieldCo Settlement Motion was filed with the Bankruptcy Court on March 10, 2017…Second, the Plan includes a settlement…among the Debtors, the Tranche B Roll-Up Lenders/Steering Committee of Prepetition Secured Lenders and Noteholders, the Creditors Committee, and BOKF, N.A. (as Convertible Senior Notes Indenture Trustee).”

In addition, “Pursuant to the Committee/BOKF Plan Settlement, on the Effective Date, the Debtors will transfer to the GUC/Litigation Trust for the benefit of Holders of General Unsecured Claims the following assets: $7.5 million in Cash on account of the initial funding for the GUC/Litigation Trust as contemplated by the Committee DIP Settlement annexed to the Original DIP Facility Order and the Replacement DIP Facility Order (the ‘GUC/Litigation Trust Initial Funding’); all proceeds realized from the settlement on account of proceeds allocable from the D&O Insurance to certain estate Causes of Action against the Debtors current or former directors or officers, which are expected to be $32 million in Cash (the ‘D&O Insurance Proceeds’); $18 million in Cash on account of the settlement of certain Avoidance Actions in connection with the YieldCo Settlement Motion (the ‘YieldCo Avoidance Allocation’); at least $5 million in Cash on account of Voluntary Professional Fee Reductions (the ‘Voluntary Professional Fee Reduction Amount’), as well as all additional Voluntary Professional Fee Reductions that exceed the Voluntary Professional Fee Reduction Amount; and the GUC/Litigation Trust Causes of Action, subject to a sharing mechanism set forth in the Committee/BOKF Plan Settlement Term Sheet.”

The Debtors also filed the following Disclosure Statements Exhibits: financial projections and liquidation analysis. The Court scheduled a June 1, 2017 hearing to consider the Disclosure Statement.

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