SunEdison filed with the U.S. Bankruptcy Court a motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including December 17, 2016 and February 15, 2017, respectively.
The motion explains, “Much work remains to be done, but the Debtors have laid important groundwork in a complex case involving thousands of legal entities across the globe and are now poised to move to the next phase of these Chapter 11 Cases upon the conclusion of their asset marketing process. To lift exclusivity at this point would jeopardize the work that the Debtors have accomplished to date and the consensus building that is the hallmark of these cases and for what exclusivity is designed. The Debtors’ request to extend exclusivity is well measured given the Debtors’ continued progress in these Chapter 11 Cases and the time it will take to achieve a consensual plan, and is without prejudice to any party that seeks to shorten such period.”
The Court scheduled an August 11, 2016 hearing on the motion, with responses due by August 4, 2016. Read more SunEdison bankruptcy news.