Suniva requests exclusivity extension to await outcome of petition

By Caroline Salls

Pittsburgh, June 28 – Suniva, Inc. requested an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to a motion filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, Suniva wants to extend its exclusive plan-filing period by 120 days through Dec. 13 from Aug. 15 and the solicitation period through Feb. 11, 2018 from Aug. 14.

The company said its ability to reorganize and succeed as a going concern depends upon the outcome of a petition that asks the U.S. International Trade Commission (USITC) to evaluate “whether increased imports of a product from abroad pose a substantial threat to, or cause of, serious injury to the U.S. industry that produces the same or similar product.”

If the petition is successful, Suniva said the USTIC will recommend a course of action to the President of the United States, who has final authority to provide relief, such as limits on quantities, increased tariffs or other market protection measures.

“If the debtor succeeds in its Section 201 petition and the President grants relief, the debtor’s business has a path forward and the debtor may be able to develop a bankruptcy plan consistent with the same,” Suniva said in its motion.

“If, however, relief under the Section 201 petition is denied, the market conditions which led to this Chapter 11 case will continue and the debtor is unlikely to reorganize in its current form.”

The company said the USITC has until Sept. 22 to complete its injury determination and until Nov. 13 to make a final report to the President regarding any proposed remedy.

As a result, Suniva said the proposed exclusivity extension will enable it to evaluate the result of the USITC investigation, the USITC’s remedy recommendation and potentially the remedy imposed by the President to identify its path out of bankruptcy.

A hearing is scheduled for July 18.

Suniva, a Norcross, Ga.-based manufacturer of high-efficiency crystalline silicon photovoltaic (PV) solar cells and high-power solar modules, filed bankruptcy on April 17. The Chapter 11 case number is 17-10837.

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