SunEdison’s Second Amended Joint Plan of Reorganization became effective, and the Company emerged from Chapter 11 protection. The U.S. Bankruptcy Court confirmed the Plan on January 28, 2017.
According to a corporate release, the Company completed more than $2.3 billion of gross asset sales during the Chapter 11 proceeding, including the sale of its interests in non-debtor affiliates TerraForm Power and TerraForm Global (together, “Yieldcos”). John S. Dubel, the Company’s chief executive officer and chief restructuring officer, states, “We sincerely appreciate the support and cooperation of our financial stakeholders, advisors, creditors, and other parties involved in the Company’s Chapter 11 process, including our first and second lien lenders, the official committee of unsecured creditors, and the Yieldcos.” Richard Katz will serve as chairman and C.E.O. of the reorganized company.
BankruptcyData’s detailed Plan Summary notes, “The Plan: Second Lien Claims will receive its pro rata portion of the Second Lien Claim Distribution. In addition, in the TERP Share Election Alternative, each Holder of an Allowed Second Lien Claim that is an Eligible Holder will receive its pro rata portion of the Rights Offering Subscription Rights, for a 5.4% rate of recovery. General Unsecured Claims and Convertible Senior Notes will receive its pro rata portion of the Class A GUC/Litigation Trust Interests, for a 2.8% rate of recovery. Allowed Class 8A Interests will be deemed automatically cancelled, released, and extinguished without further action by the Debtors or the Reorganized Debtors and the obligations of the Debtors and the Reorganized Debtors there under will be discharged.”
This renewable energy developer, financer, owner and operator filed for Chapter 11 protection on April 21, 2016, listing $11.5 billion in pre-petition assets.
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