Sun Edison LLC manufactures solar technology products including solar modules and ground mount structures and provides solar energy services. It develops, finances, installs, and operates distributed solar power plants worldwide to deliver electricity and services to residential, commercial, government, and utility customers; and provides asset management, monitoring, and reporting services for solar systems worldwide through the company's renewable operation center. The company also offers intelligent energy solutions, solar electric and solar hybrid products, solar modules and ground mount structures, hybrid and rural electrification solutions, semiconductor wafer products, and services fo...
600 Clipper Drive
Belmont, CA 94002
Founded in 2003
Second Amended Reorganization Plan Approved for SunEdison, Inc.
Jul 28 17
The US Bankruptcy Court approved the second amended plan of reorganization of SunEdison, Inc. on July 28, 2017. The debtor has filed its amended plan in the Court on March 28, 2011. As per the amended plan, Administrative Claims, Professional Claims, Priority Tax Claims, Other Priority Claims and Replacement DIP Term Loan Claims of $640 million will be paid in full in cash. The debtor does not believe that there are any outstanding amounts under the Original DIP Term Loan Claims, L/C Borrowing Claims, Tranche A-1 Roll-Up Loan Claims and Tranche A-2 Roll-Up Loan Claims. Tranche B Roll-Up Loan Claims of $317.55 million will also be paid in full in cash. Second Lien Claims of $625.20 million shall receive pro rata portion of the Second Lien Claim Distribution comprising of 10% of the New Common Stock, 10% of the Continuing TERP Class A Shares, 10% of the Reinstated Second Lien Claim Amount and 100% of Class B GUC/Litigation Trust Interests in case of TERP Share Election Alternative or 100% of the new common stock, Reinstated Second Lien Claim Amount and 100% of Class B GUC/Litigation Trust Interests in case of TERP Cash election. In addition, while choosing TERP Share Election Alternative, each Holder shall receive its Pro Rata portion of the Rights Offering Subscription Rights. Other Secured Claims will either be reinstated or be paid in full in cash. General Unsecured Claims consists of 2018 Convertible Senior Notes of $258.54 million, 2020 Convertible Senior Notes of $488.83 million, 2021 Convertible Senior Notes of $291.93 million, 2022 Convertible Senior Notes of $351.26 million, 2023 Convertible Senior Notes of $281.87 million, 2025 Convertible Senior Notes of $324.33 million, 2020 Exchangeable Notes of $217.16 million. Each General Unsecured Claim holder shall receive its Pro Rata portion of the Class A GUC/Litigation Trust Interests, comprising of 48% of Net Avoidance Action Proceeds. All Intercompany Claims shall be either be reinstated, cancelled, released, or otherwise settled in the Debtors’ discretion. Other Subordinated Claims shall not receive any distributions. All Allowed Interests in Debtor Subsidiaries shall be either reinstated or cancelled in the Debtors’ discretion. All equity interests shall be deemed automatically cancelled. The Holder of the SPS Secured Claim will receive up to $0.38 million from the proceeds of the receivable. Holder of an Allowed SMP Claim shall be treated as a part of general unsecured claim. The plan will be funded from cash in hand, proceeds from sale of assets, Direct Equity Commitment of $71.25 million, Rights Offering of $213.75 million and Reinstated Second Lien Claim Amount of $150 million.
Amended Reorganization Plan Filed by SunEdison, Inc.
Jul 20 17
SunEdison, Inc. filed second amended joint plan of reorganization in the US Bankruptcy Court on July 20, 2017. As per the amended plan filed, there were no changes in the treatment of classes of claims.
Motion for Asset Sale Approved for SunEdison Products Singapore Pte Ltd.
Jul 11 17
The US Bankruptcy Court gave an order approving the sale of certain assets of SunEdison Products Singapore Pte Ltd. On July 11, 2017, the Court approved sale of 66.13 million shares of convertible preferred stock of SunEdison Solar Power India Private Limited to Ace Infra Holdings Limited for assumption of certain liabilities pursuant to Share Purchase Agreement, dated March 27, 2017.