On April 21, 2016, SunEdison and certain of its domestic and international subsidiaries filed voluntary petitions for reorganization under chapter 11 of the U.S. Bankruptcy Code in the Bankruptcy Court in the Southern District of New York. The court process will allow SunEdison to right-size its balance sheet and reduce its debt, providing the opportunity to support the business going forward while focusing on core strengths.
SunEdison’s publicly-traded yieldcos, TerraForm Power (NASDAQ: TERP) and TerraForm Global (NASDAQ: GLBL), are not part of the filing.
SunEdison anticipates that work will proceed as planned on all ongoing projects, both in the U.S. and elsewhere. The chapter 11 filing is at the corporate level and the Company is working to minimize the impact to work at our subsidiaries and the project level.
Of note to global stakeholders: SunEdison has filed its restructuring under chapter 11 of the U.S. Bankruptcy Code. A bankruptcy filing under chapter 11 (a chapter of title 11 of the United States Code) permits SunEdison’s reorganization under court supervision while the Company continues to operate in the ordinary course, consistent with the agreement reached with its debtor-in-possession lenders, in order to maximize value for all stakeholders. SunEdison’s management will remain in control of its day-to-day business operations and its assets will be subject to the court’s jurisdiction.
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