SunEdison wins final approval for bankruptcy exit – MarketWatch

SunEdisonInc. won final court approvalTuesdayof a bankruptcy-exit plan that wipes out billions of dollars in investments and renders the one-time renewable energy darlinga shadow of its former self.

Following a hearing at theU.S. Bankruptcy Court in New York,Judge Stuart Bernsteinsaid he would approve the plan, the culmination of nearly 15 months of hard-fought negotiations betweenthe solar-power developerand its creditors.

SunEdison SUNEQ, +25.23% is expected to formally emerge from bankruptcy byNov. 15, according to its lawyers.

The vast majority of objections to the bankruptcy-exit plan were resolved ahead ofTuesdayshearing.AQR Capital Management LLC, which pressed its objectionTuesdaybut wasoverruled, sought modifications to the plan because of a dispute over a $300 million rights offering, funding that the company says will serve as the backbone of its exit from chapter 11.

An expanded version of this report appears on WSJ.com.

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SunEdison wins final approval for bankruptcy exit - MarketWatch