Judge halts asset transfers by SunEdison, TerraForm Power


SunEdison’s legal difficulties took another turn for the worse on Thursday. A New York judge ordered a temporary halt to the transfer of any assets until an upcoming hearing, as reported by Bloomberg. The ruling also applies to the company’s yieldco, TerraForm Power.

New York State Supreme Court Justice Charles Ramos granted the request for the hold by the shareholders of Latin American Power. These shareholders filed suit for $150 million in damages earlier this week over a deal that fell through for SunEdison to buy the Chilean developer.

Both sides have accused the other of failing to meet conditions to allow the sale to go through.

The shareholders say that the order was necessary as SunEdison may be insolvent by the time the lawsuit is completed. SunEdison has called the lawsuit “baseless” and vowed to “vigorously” fight it in court.

SunEdison stock had fallen to US$1.40 by mid-day Friday, it’s lowest level in 15 years.