SunEdison wins approval of $150 million solar materials business sale

By Caroline Salls

Pittsburgh, Oct. 25 – SunEdison, Inc. received court approval of the $150 million sale of its solar materials business to stalking horse bidder GCL-Poly Energy Holdings Ltd., according to an order filed Tuesday with the U.S Bankruptcy Court for the Southern District of New York.

In addition to the purchase price, GCL-Poly will assume liabilities related to the solar materials business.

As previously reported, no qualified competing bids were received, so the Oct. 18 auction for the solar materials business was cancelled.

Based in Maryland Heights, Mo., SunEdison operates renewable power plants. It filed for bankruptcy on April 21, 2016 under Chapter 11 case number 16-10992.

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