Bankrupt renewable energy firm SunEdison has announced that John S. Dubel has been appointed chief restructuring officer of the company.
Dubel is charged to lead the company’s restructuring efforts in response to its filing for chapter 11 bankruptcy protection on 21 April. He will report directly to the independent directors of the board and have sole authority and discretion on behalf of SunEdison management in respect to all parts of the restructuring process.
Subject to approval of the bankruptcy court, Dubel is set to tackle the task of leading the company’s restructuring process, which so far has been widely speculated, along with the future of the company’s yieldcos.
He is the CEO and founder of Dubel & Associates, a provider of restructuring services to underperforming companies. He has over 30 years of experience in turnaround management, crisis management, operational restructurings and divestments in the distressed space.
This appointment comes as SunEdison has already begun divesting itself of several assets, the latest of which include Chilean utility Colbun purchasing 202MW worth of solar assets from SunEdison and Ecotricity purchasing SunEdison’s UK rooftop solar business.
Dubel’s work is certainly cut out for him. According to papers filed with the bankruptcy court for the Southern District of New York, SunEdison owes its upstream suppliers alone more than US$321 million.
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