SunEdison wins final approval for bankruptcy exit – MarketWatch

Posted: July 29, 2017 at 7:41 pm

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.

Popular on WSJ.com:

Trump Wont Say if He Will Fire Sessions

The Boss Wants You Back in the Office

More:

SunEdison wins final approval for bankruptcy exit – MarketWatch

Related Post