Suniva U.S. Trustee: disclosure statement lacks information

By Sarah Lizee

Olympia, Wash., March 5 – The U.S. Trustee overseeing Suniva, Inc.’s Chapter 11 case objected to the company’s disclosure statement and solicitation procedures, according to an objection filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

Region 3 U.S. trustee Andrew R. Vara said in his objection that the disclosure statement “does not provide adequate information concerning the plan.”

Specifically, Vara said there is insufficient information regarding the equity purchaser, the value of the debtor’s business, the consideration being paid by the equity purchaser and the timing of payment, the crystalline silicon photovoltaic anti-dumping/countervailing duties (CSPV AD/CVD) investigations and the likelihood of a settlement or payment resulting from it, the estimated recovery to impaired creditors and the timing of recovery, a liquidation analysis, and the risk factors relating to the CSPV AD/CVD process.

In addition, the solicitation procedures do not provide appropriate notice and seek to rewrite the requirements of the Bankruptcy Code, the objection said.

“The notices are confusing and must be revised to provide required information,” Vara said.

Suniva, a Norcross, Ga.-based manufacturer of high-efficiency crystalline silicon photovoltaic solar cells and high-power solar modules filed bankruptcy on April 17, 2017. The Chapter 11 case number is 17-10837.

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