On Friday, SunEdison announced that a New York State bankruptcy court has approved the multiple motions which it filed in connection with its Chapter 11 bankruptcy. This should allow the company to pay employee wages and benefits, continue work on ongoing projects and make certain vendor payments.
Additionally, SunEdison will be able to access up to $300 million in debtor-in-possession financing from first and second-tier lenders. While this should allow business to continue relatively uninterrupted at SunEdison, the company notes that some of the motions were granted on an interim basis, and the court has scheduled a final hearing for May 10, 2016.
Ecotricity has purchased SunEdisons UK rooftop business, and SunEdison has indicated that sale of assets will be part of the bankruptcy process. However, the company has told Reuters that its Indian projects were excluded from the bankruptcy filing, and that it plans to continue to carry out work on the 1.7 GW of PV projects that it holds in India.
As SunEdisons bankruptcy process continues, the company will be filing monthly restructuring reports, in addition to SEC filings.
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