SunEdison filed with the U.S. Bankruptcy Court a statement of opposition to the motion filed by CNH Partners and AQR Capital Management for an order adjourning the hearing to consider the Company’s First Amended Joint Plan of Reorganization.
The Debtors state, “AQR’s eleventh-hour request to adjourn the confirmation hearing is just the latest step in its self-interested strategy to disrupt the Debtors’ emergence from bankruptcy in order to secure a favorable financial deal for itself and only itself at the expense of the Debtors’ other creditor constituents who overwhelmingly have voted in favor of the Debtors’ proposed Plan. AQR’s attempt to hold the estate and its constituents’ hostage unless it gets what it wants should be rejected.”
In addition, “Delay of the confirmation hearing would only create uncertainty which would result in value deterioration for the estate, distract management from their value-accretive efforts to reduce costs, collect earn-outs, and consummate asset sales, and prolong the significant professional fee burn rate that the estates and its creditors must bear (which management estimates is more than $1 million per week, and may be higher if there is continued litigation).”
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