SunEdison obtains preliminary goals in bankruptcy case
Written By: Stratton Report
April 22, 2016
On April 22, SunEdison, Inc. announced that the U.S. Bankruptcy Court for the Southern District of New York has granted the relief requested by SunEdison in key first day motions related to ordinary course business activities. This includes the continuation of employee wages and benefits, work on ongoing projects, and certain vendor payments. Some of these motions were granted on an interim basis and the Bankruptcy Court has scheduled a final hearing for May 10, 2016.
The Court also granted interim approval for SunEdison to access up to $300 million in debtor-in-possession (DIP) financing from a consortium of first and second lien lenders in support of continuing business operations.
The motions were filed yesterday in conjunction with voluntary petitions for reorganization filed by SunEdison and certain of its domestic and international subsidiaries under Chapter 11 of the U.S. Bankruptcy Code.