Monday, October 24, 2016

SunEdison Subject of Another Law Suit

SunEdison creditors launch a new lawsuit against lenders in the bankruptcy battle.

NEW YORK (Reuters) - A group of SunEdison Inc (SUNEQ.PK) lenders took control of the renewable energy developer after inking a "sweetheart deal" to try to save their investment as the company approached bankruptcy, hurting other creditors, according to a lawsuit filed late Thursday in U.S. bankruptcy court.

SunEdison transferred "hundreds of millions of dollars" to the lenders, which included buyout firms Apollo Global Management LLC and Cerberus Capital Management LP and more than 15 hedge funds, before it filed for bankruptcy, hurting the company's other creditors, according to a redacted version of the complaint. A full copy was filed under seal.
(law suit)

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