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.
US utility Edison International has secured the purchase from bankrupt renewable energy firm, SunEdison around 140MW of solar projects in Minnesota from the Chapter 11 firm’s gigawatts of pipeline projects for a total price of up to US$79.8 million.
The two renewable energy yieldco subsidiaries of Chapter 11 bankrupt firm, SunEdison are seeking over US$3 billion from their parent company over damages and sought settlement via discussions before heading to the courts.
Both yieldco subsidiaries of bankrupt renewables firm SunEdison have said they were seeking mergers or sales of their entire businesses after it became increasingly possible that SunEdison would not emerge from bankruptcy proceedings.
Renewables firm SunEdison currently in Chapter 11 bankruptcy proceedings said in a SEC filing that it had received around 100 bids for parts and all assets of the company, yet the ‘sum of the parts’ equated to approximately US$1.25 billion to US$1.7 billion of potential total gross proceeds, far below incurred debts estimated at almost US$12 billion, excluding its two yieldco’s.
Industry-watchers, environmental groups and think tanks have commented on news this morning that the biggest coal mining company in the US, Peabody Energy, has filed for Chapter 11 bankruptcy protection, citing downturn in the coal industry as a major factor.