SunEdison Inc., which filed for bankruptcy in April 2016, received interim approval from a U.S. Bankruptcy court to access upto $300m debtor-in-possession financing loan whilst it pursues Chapter-11 restructuring.
Judge Stuart Bernstein of the U.S. Bankruptcy Court for the Southern District of New York refrained from making a decision on the company’s request for an independent examiner, by stating that other creditor groups might want to have a say on these matters.
The court also approved the continuation of payment of employee wages and benefits, work on ongoing projects and certain vendor payments.
Separately, the company’s yieldcos, TerraForm Power Inc and TerraForm Global Inc, on Monday named Peter Blackmore as their interim chief executive, effective 21 April 2016. These yieldco’s are not part of the bankruptcy.