The reorganization for SunEdison has been completed after the company exited Chapter 11 bankruptcy earlier this month. The company is calling its new footprint significantly smaller than what it was in the past. SunEdison was once a major player in the renewable energies industry. The company announced the reorganization plan on Friday, Dec. 29.
The plan for reorganization was approved back in July 2017 by the Bankruptcy Court for the Southern District of New York. The plan called for SunEdison to emerge from bankruptcy as a private company.
SunEdison filed for bankruptcy protection back in April 2016, after a slew of events led to an incredible amount of debt for the company. There was a handful of lawsuits that led to the debt, along with a drop in the company's stock prices and a spree of acquisitions.
Two of the company's entities, TerraForm Global and TerraForm Power, sought out new owners as they were not part of the bankruptcy agreement. They have since broken away from SunEdison.
SunEdison sold off more than $2.3 billion in gross assets during the Chapter 11 filing. The company has said that even with a smaller footprint, it will continue to focus on monetizing the assets it does have remaining. The company will have a new chief executive officer (CEO) and chairman, according to the reorganization plan.
Is your company headed for a Chapter 11 bankruptcy filing in New Hampshire? You will want to work with an attorney who has experience with this type of filing so your company is on the right track from start to finish.
Source: North American Windpower, "SunEdison Completes Reorganization After Chapter 11 Bankruptcy," Jan. 02, 2018