SunEdison, Inc. (OTC Pink: SUNEQ) is engaged in the development, financing, installation, ownership, and operation of renewable energy power plants. SunEdison, Inc. continues to work through its bankruptcy proceedings, with the hopes of emerging stronger and with greater focus on key assets. Shares of SunEdison, Inc. are rallying 13.30%, through early trading on Monday, November 14, 2016. Over the past month, SunEdison, Inc. has seen average daily volume of nearly 11.1 million shares. Through early trading on Monday, the renewable energy company has seen volume of nearly 2.93 million shares or dollar volume of $414,595.

Shares of SunEdison, Inc. are rallying on Monday, after the company released a public response to Terraform Power, Inc.’s proposed settlement agreement with the renewable energy company. SunEdison, Inc. has been working through possible plans and procedures to deal with their stake in Terraform Power, Inc. While SunEdison, Inc. plans to continue to work in good faith with Terraform Power, Inc., the company has released a public reponse to Terraform’s settlement propositions. SunEdison, Inc. says that the proposals:

  • The Presentation does not adequately account for SunEdison’s defenses to TERP’s claims against SunEdison;
  • The Presentation does not account at all for the substantial affirmative claims held by SunEdison against TERP (including, without limitation, the value of any of the claims outlined in the recent motion filed by the Official Creditors’ Committee); and
  • The premise set forth in the Presentation that SunEdison’s interests in TERP be treated “ratably” with TERP’s other equity interests does not adequately account for SunEdison’s contractual rights and interests and this issue will be addressed in the settlement negotiations.

Here is the full press release detailing of the response to Terraform Power’s settlement proposal:

SunEdison, Inc. Press Release:

MARYLAND HEIGHTS, Mo., Nov. 14, 2016  /PRNewswire/ — On Tuesday, November 8, 2016, in a filing with the Securities and Exchange Commission, Terraform Power, Inc. (“TERP”) disclosed in a presentation attached to the filing (the “Presentation”) that it had circulated a draft settlement agreement to SunEdison, Inc. (“SunEdison”) to propose a resolution of its outstanding claims against SunEdison.

Since September 2016, TERP and SunEdison have been engaged in a collaborative process to explore strategic alternatives for TERP (as well as Terraform Global, Inc.) including a merger, sale, sponsorship or other transaction and that process continues.  SunEdison is committed to continue to work in good faith with TERP as both entities explore strategic alternatives and will continue to do so during the pendency of any settlement negotiations.

In furtherance of these settlement negotiations, SunEdison is currently in the process of reviewing and analyzing all pertinent information, including information it has requested from TERP as well as TERP’s settlement proposal outlined in the Presentation. However, to enhance transparency around the settlement process, SunEdison would like to provide its views on TERP’s settlement proposal, which have been conveyed to TERP previously and that the parties continue to negotiate. In particular, SunEdison believes that:

  • The Presentation does not adequately account for SunEdison’s defenses to TERP’s claims against SunEdison;
  • The Presentation does not account at all for the substantial affirmative claims held by SunEdison against TERP (including, without limitation, the value of any of the claims outlined in the recent motion filed by the Official Creditors’ Committee); and
  • The premise set forth in the Presentation that SunEdison’s interests in TERP be treated “ratably” with TERP’s other equity interests does not adequately account for SunEdison’s contractual rights and interests and this issue will be addressed in the settlement negotiations.

Overall, SunEdison is focused on maximizing the value of the estate for its creditors, and will continue to do everything it can in furtherance of that objective. SunEdison is also pleased that TERP recognizes the benefits of a consensus between TERP and SunEdison as it explores strategic alternatives.

About SunEdison, Inc.

SunEdison develops, finances, installs, owns and operates renewable power plants, delivering predictably priced electricity to its residential, commercial, government and utility customers. The company is one of the leading renewable energy asset managers and provides customers with asset management, operations and maintenance, monitoring and reporting services. Corporate headquarters are in the United States with additional offices around the world.

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