SunEdison Sees Life Post-Bankruptcy, Creditors Contest Value
- New stock, Brookfield funds proposed to satisfy claims
- Second-lien creditors to back exit, choose new board
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SunEdison Inc. sees a possibility for life after bankruptcy even as its unsecured creditors have threatened to upend a reorganization plan.
The clean energy giant, which said after its April bankruptcy that it was toggling between a wind-down or a reorganization, announced the rough terms of a restructuring on Tuesday. Its unsecured creditors have said they intend to dispute a settlement that’s key to the plan at an upcoming trial however, raising questions about whether the company added any value for its business or lenders after a year in Chapter 11.