SunEdison settles contract fight to help close $150 mln sale

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By Jim Christie

<span class="articleLocation”>Bankrupt renewable energy company SunEdison Inc
has reached a deal with a spinoff company that helps clear the
way for a $150 million sale of its solar materials business to a
Chinese buyer, according to court papers filed on Tuesday.

Chinese solar equipment maker GCL-Poly Energy Holdings Ltd
agreed to buy the business in August, part of SunEdison’s drive
to shed assets to raise money to repay its creditors.

The sale ran into trouble due to an objection from SunEdison
Semiconductor, which was spun off by SunEdison in 2014.

The spin-off company argued in an October court filing it
had not consented to transfer of intellectual property licenses
as part of the deal.

SunEdison has resolved that objection to help close the sale
and will extend a services agreement with its affiliate through
September at reduced rates.

In addition, SunEdison Semiconductor gets an administrative
expense claim of nearly $2.7 million and a general unsecured
claim non-priority claim of about $16.5 million, compared with
the $40 million in unsecured claims it had asserted.

Once the fastest-growing U.S. renewable energy company,
SunEdison filed for Chapter 11 bankruptcy protection in April
after a binge of debt-fueled acquisitions proved unsustainable.

A hearing at which the settlement could be approved will be
held in U.S. Bankruptcy Court in Manhattan on Jan. 24, two days
ahead of SunEdison’s target date for filing a Chapter 11 plan.



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