Sunedison Inc (OTCMKTS:SUNEQ)’s assets in bankruptcy have reached to almost $1 billion to $1.5 billion, largely due to recent offers made for acquiring some of its wind and solar farms. Homer Parkhill, counseling the company on the sale procedure after its April Chapter 11 filing, provided the new valuation to court. The projection revises the initial figure of $850 million given in June. This latest price change factors in recent jump on the shares of company’s two yieldcos. The company owns controlling stakes in these yieldcos, which were established to purchase energy projects developed by Sunedison.
Parkhill reported that there have been more than 100 clues of interest across the projects portfolio and other platforms that are open for sale. The concerned judge is being stated to consider whether adequate funds would be left to compensate shareholders after the firm deals with a projected $4 billion – $5 billion in debt.
The highlights
In U.S. bankruptcies, as per the set process, stockholders get compensated last, if at all. If the judge decides SunEdison’s shareholders are entitled to get something, the can set a committee to showcase their interests, and the company would have to compensate for the committee’s expenses. SunEdison submission for bankruptcy stating $16.1 billion in liabilities, comes as the biggest U.S. bankruptcy in this year.
Since then, the firm has been trying to unify asset sales and decide whether it will try to continue as a going concern or quit altogether. Parkhill statedthat the deadline for the firm to propose lenders with a reorganization plan or liquidation deal has been extended. The deadline of June 28 has already passed and he didn’t release a new date. The counsel said numerous draft business strategies have been proposed to lenders but nothing official has been filed. It remains to be seen how things will pan out in the coming weeks for the company.
