SunEdison stated that its Plan of Reorganization is now effective and that the Company has emerged from Chapter 11 as a newly reorganized, privately held company.
As previously announced, the Bankruptcy Court for the Southern District of New York confirmed the Plan on July 28, 2017.
Following over $2.3 billion of gross asset sales throughout its chapter 11 cases – including the sale of the Company's most valuable asset, its interests in non-debtor affiliates TerraForm Power, Inc. and TerraForm Global, Inc. (together, the "Yieldcos") – SunEdison emerges with a significantly smaller footprint and will continue to focus on monetizing its remaining assets.
As part of the Plan negotiation process, the Company facilitated key settlements with its diverse constituent groups. To that end, John S. Dubel, the Company's Chief Executive Officer and Chief Restructuring Officer, commented that, "We sincerely appreciate the support and cooperation of our financial stakeholders, advisors, creditors, and other parties involved in the Company's Chapter 11 process, including our first and second lien lenders, the official committee of unsecured creditors, and the Yieldcos." Mr. Dubel also noted that, "We also want to thank the Company's outgoing board of directors for their invaluable contributions and guidance relating to the Company's restructuring."
Richard Katz will serve as Chairman and Chief Executive Officer of the reorganized SunEdison.
Ankura Consulting provided interim management services for the Company, Skadden, Arps, Slate, Meagher & Flom LLP served as counsel to the Company, Togut Segal & Segal LLP served as co-counsel to the Company, Rothschild Inc. served as financial advisor and investment banker for the Company, PricewaterhouseCoopers LLP served as financial advisor for the Company, and McKinsey Recovery & Transformation Services U.S., LLC served as restructuring advisor for the Company.
SunEdison Common Stock
Pursuant to the Plan, the SunEdison existing common stock has been cancelled. Common stockholders will receive no distribution and will not retain any property under SunEdison's Plan.