SunEdison’s ad hoc shareholder committee filed with the U.S. Bankruptcy Court an objection to the Company’s Disclosure Statement.
The objection asserts, “The Ad Hoc Shareholder Committee is a group of individual investors who have pooled their resources to assert their rights in these chapter 11 cases. Supported by over 1,000 individual investors in SunEdison, the Ad Hoc Shareholder Committee and its cadre of allies represent at least 8 percent of SunEdison’s total outstanding shares. Formed shortly after the Court declined to appoint an official equity committee for the second time, the Ad Hoc Shareholder Committee has waited patiently on the sideline of these chapter 11 cases hoping to obtain basic and essential information about the assets and liabilities of these estates, the Debtors’ plan to reorganize, and in turn, the value of their investments.”
In addition, “With the passage of more than one year in chapter 11, the Ad Hoc Shareholder Committee has watched its hopes for equity value dwindle, while the estates have been quietly dismembered and forced to bear the exorbitant costs of administration now totaling more than $120,000,000. Believing that the Disclosure Statement and Plan would provide a solid factual foundation from which to understand the Debtors’ past and current condition, the Ad Hoc Shareholder Committee was surprised to find that just the opposite is true: indeed, the Plan and Disclosure Statement serve only to darken the murky factual waters of these cases.”
Read more SunEdison bankruptcy news.