SunEdison to access $300m DIP loan whilst undergoing Ch-11 restructuring

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.

Source: St. Louis Bizjournal, Reuters

Advertisements

2 thoughts on “SunEdison to access $300m DIP loan whilst undergoing Ch-11 restructuring

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s