The temporary holding order extends to the date of a hearing on February, 25 that will determine whether the asset freeze should continue throughout planned arbitration talks later.
Updated: Troubled renewable energy firm SunEdison has been forced by the New York State Supreme Court to comply with a temporary order that blocks an asset transfer of US$150 million, due to efforts from Latin America Power (LAP) to seek arbitration and compensation over the failed acquisition of the company by SunEdison last year.
The temporary holding order extends to the date of a hearing on 25 February that will determine whether the asset freeze should continue throughout planned arbitration talks later.
LAP had been seeking the freeze in order to protect the SunEdison assets while arbitration talks proceed.
A statement from SunEdison said, “We appreciate the constructive hearing and the judge’s thoughtful approach, confirming that we can continue to conduct our business without undue interference. This includes the transfer of assets for fair consideration in the ordinary course of business, which conforms to the existing policies of both companies. The judge’s order will remain in place pending a hearing on February 25th and does not affect either company’s ability to conduct normal business operations.”