SunEdison’s CEO Opposes Unsecured Creditor’s Clawback Motion
December 22, 2016, New York – During the last week, SunEdison CEO John S. Dubel filed a supplemental declaration in the New York court testifying that the renewable energy giant may have substantial and plausible claims against its yieldco subsidiaries and allowing unsecured creditors to pursue them would hamper a joint process seeking sale or reorganization. John S. Dubel alleged that it was best for any potential claims against the yieldcos to remain under the debtor’s control so as not to upset negotiations over a possible sale transaction or reorganization under a plan. The official committee of unsecured creditors in the clawback motion argued that projects, payments, and services transferred to publicly traded yieldcos TerraForm Power Inc. and TerraForm Global Inc. were done when SunEdison was already insolvent, and there was a huge difference between the equity values it received in exchange.
SunEdison, which develops renewable energy products around the world, filed for Chapter 11 protection in April 2016. The bankruptcy case is In re SunEdison Inc., case number 1:16-bk-10992, in the U.S. Bankruptcy Court for the Southern District of New York.
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