SunEdison requests 30-day exclusivity extension, cites contingencies

By Caroline Salls

Pittsburgh, Jan. 9 – SunEdison, Inc. requested an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to a motion filed Friday with the U.S. Bankruptcy Court for the Southern District of New York.

Specifically, the company asked the court to extend its exclusive filing period through Feb. 27 and the solicitation period through April 28.

“The debtors continue to drive toward filing a Chapter 11 plan before the exclusive filing period deadline of January 26, 2017, and are committed to using their best efforts to do so,” SunEdison said in the motion.

“However, the debtors seek to extend the exclusive periods by 30 days out of an abundance of caution in the event that, as the exclusive filing period deadline approaches, the then-existing facts warrant holding off on filing a plan for an additional short period.”

Given open contingencies regarding whether to seek whole-company sales or sponsor transactions, settlement talks and potential litigation regarding inter-creditor issues, the company said it may either decide to file a plan that toggles to alterative outcomes based on resolution of these contingencies or to wait until some of these matters become more clear.

A hearing is scheduled for Jan. 24.

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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