Bankrupt renewables firm SunEdison has finally got the green light to proceed with the US$150 million sale of its FBR (Fluidised Bed Reactor) technology polysilicon assets to GCL-Poly Energy Holding after a deal was struck with company spinoff, SunEdison Semiconductor.
The 2014 spinoff had objected to the sale, which had received US bankruptcy court approval in October. GCL-Poly initially placed its bid for the assets, primarily held by Korean-based production plant SMP, in August, with a US$50 million deposit.
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SunEdison Semiconductor had been arguing that it had not consented to the transfer of intellectual property licences as part of the deal with the leading polysilicon and solar wafer producer, rendering the transaction unable to close.
In resolution, “the mutual consent” for the licences was given, according to court documents, enabling the licences to be transferred for GCL and for the deal to subsequently close, if granted final approval by the bankruptcy court. In addition, the settlement extended the Transition Services Agreement between Semi and SunEdision and paid for Semi’s “administrative expenses and general unsecured non-priority claims” to the sum of US$2,679,554. Semi also received a general unsecured non-priority claim in the aggregate amount of US$16.5 million.
The US$150 million sale to GCL will be cleared to transpire if approved by the US bankruptcy court in a hearing on 24 January.