MARYLAND HEIGHTS, Mo.,
Oct. 3, 2016 /PRNewswire/ -- On
Sunday, September 25, 2016, each of
TerraForm Power, Inc. (Nasdaq: TERP) and TerraForm Global, Inc.
(Nasdaq: GLBL) (collectively, the "Yieldcos") issued a press
release purportedly describing allegations made by the Yieldcos in
proofs of claims filed by them last Friday in SunEdison, Inc.'s
(OTC PINK: SUNEQ) and its related affiliates' bankruptcy cases
(collectively, "SunEdison"). While SunEdison disagrees with
many of the statements, claims and allegations made by the Yieldcos
in their press releases, SunEdison confirms that settlement
discussions with the Yieldcos have commenced, and adds that such
settlement discussions relate both to alleged claims asserted by
the Yieldcos against SunEdison, as well as meaningful claims that
the SunEdison estate is reviewing and may assert against the
Yieldcos. Like any similar situation with any other creditor
in their Chapter 11 cases, SunEdison will actively pursue the
dismissal or settlement of proofs of claims in the bankruptcy cases
– although no date has been established yet in the bankruptcy cases
for objecting to proofs of claims. In addition, as the Yieldcos
disclosed in their press releases, SunEdison and the Yieldcos are
engaged in a collaborative sale process to sell either SunEdison's
ownership interests and other rights in the Yieldcos or the
entirety of the equity in the Yieldcos. Any transaction
resulting from the sale process will require the approval and
consent of SunEdison and approval of the bankruptcy court.
SunEdison will evaluate proposed transactions based on the value
they deliver to SunEdison's bankruptcy estate. In connection with
the sale process, and as has been disclosed to bidders interested
in participating in the sale process, it is anticipated that there
will ultimately be a resolution of (i) the dispute regarding the
claims alleged by the Yieldcos in their proofs of claims and (ii)
any claims that SunEdison holds against the Yieldcos.
John Dubel, SunEdison's Chief
Executive Officer, said, in relation to the above issues, "Our
Chapter 11 process has been long and complex and we are now at a
critical stage as it relates to the Yieldcos. We take to
heart Jack Stark's comments that a
settlement of disputes between the Yieldcos and SunEdison is
overwhelmingly in the interests of both sides, and we will proceed
with our settlement discussions while at the same time moving
forward with the sale process."
The foregoing reflects SunEdison's position only. No
assurance can be made as to the outcome of any litigation or
settlement discussions.
Forward Looking Statements
This press release contains forward-looking statements with
respect to our Chapter 11 filing and related matters. These forward
looking statements are subject to known and unknown risks,
uncertainties and other factors that may cause actual results,
performance or achievements to be materially different from those
expressed or implied by the forward-looking statements.
Important factors that could cause our actual results to differ
materially from those anticipated in the forward-looking statements
include, among other things: (i) the ability of SunEdison to
develop, prosecute, confirm and consummate the Chapter 11 plan of
reorganization; (ii) the potential adverse effect of the Chapter 11
filing on SunEdison's liquidity and operations and the risks
associated with operating businesses under Chapter 11 protection;
(iii) the ability of
SunEdison to comply with the terms of the DIP financing
facility; (iv) SunEdison's ability to obtain additional financing;
(v) SunEdison's ability to retain key management and employees,
(vi) customer response to the Chapter 11 filing; and (vii) the risk
factors or uncertainties listed from time to time in SunEdison's
filings with the Securities and Exchange Commission and with the
U.S. Bankruptcy Court in connection with the company's Chapter 11
filing. Other factors and assumptions not identified above are also
relevant to the forward-looking statements, and if they prove
incorrect, could also cause actual results to differ materially
from those projected.
Forward-looking statements speak only as of the date of this
release. We undertake no obligation to provide any updates or
revisions to any forward-looking statement to reflect any change in
our expectations or any change in events, conditions or
circumstances on which the forward-looking statement is based.
About SunEdison
SunEdison develops, finances, installs, owns and operates
renewable power plants, delivering predictably priced electricity
to its residential, commercial, government and utility customers.
The company is one of the leading renewable energy asset managers
and provides customers with asset management, operations and
maintenance, monitoring and reporting services. Corporate
headquarters are in the United
States with additional offices around the world.
Contact
Ross Lovern
Kekst
ross.lovern@kekst.com
(212) 521-4876
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SOURCE SunEdison, Inc.