NEW YORK, April 21, 2017 /PRNewswire/ -- The following
statement is being issued by the SunEdison Shareholder Group
regarding the SunEdison (OTC: SUNEQ) complex proposed plan of
reorganization.
SunEdison (OTC: SUNEQ) On March
28, 2017, SunEdison filed its plan of reorganization and
announced its intention to eliminate all existing equity interests
in the company. That means that SUNE shareholders – including
more than 7,000 employees, stock owners and asset managers around
the country – are teetering on the brink of losing 100% of their
investments.
As part of this plan, SunEd also recently announced the proposed
sale of its interest in the YieldCo's – Terraform Global (NASDQ:
GLBL) and Terraform Power (NASDQ: TERP) – to Brookfield Asset
Management (NYSE: BAM). Insiders have described the BAM
transaction as a "sweetheart deal" in keeping with company's
conduct for the year it has been in bankruptcy – namely, shedding
its assets at fire sale prices under the protection of chapter
11.
A group of over 1,000 SunEd shareholders have joined together to
fight the plan and have retained Nastasi Partners, StoneTurn Group
and Energyzt Advisors to assist.
Jordan Danelz, a leader of the
SunEd shareholder group says, "No independent third party was ever
appointed by the court to figure out what happened to our
investments. A year has gone by since SunEdison entered
bankruptcy – and we've been in the dark that entire time."
"The case has reached a critical juncture. I cannot overstate
the importance of shareholders coming forward and acting as a
unified group in the pending court proceedings. There is no
guarantee of a successful outcome, but at this point, two things
are absolutely certain: we will lose everything if we don't
act immediately, and we can't do it alone."
Individuals who own SunEdison stock are encouraged to visit the
SUNE shareholder portal www.suneq-equity.com to learn more
about what actions they can take to preserve their investments in
SunEdison.
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SOURCE SunEdison Shareholder Group