NEW YORK, April 21, 2017
NEW YORK, April 21, 2017 /PRNewswire/ -- The following statement is being issued by the SunEdison Shareholder Group regarding the SunEdison (OTC: SUNEQ) complex proposed plan of reorganization.
SunEdison (OTC: SUNEQ) On March 28, 2017, SunEdison filed its plan of reorganization and announced its intention to eliminate all existing equity interests in the company. That means that SUNE shareholders – including more than 7,000 employees, stock owners and asset managers around the country – are teetering on the brink of losing 100% of their investments.
As part of this plan, SunEd also recently announced the proposed sale of its interest in the YieldCo's – Terraform Global (NASDQ: GLBL) and Terraform Power (NASDQ: TERP) – to Brookfield Asset Management (NYSE: BAM). Insiders have described the BAM transaction as a "sweetheart deal" in keeping with company's conduct for the year it has been in bankruptcy – namely, shedding its assets at fire sale prices under the protection of chapter 11.
A group of over 1,000 SunEd shareholders have joined together to fight the plan and have retained Nastasi Partners, StoneTurn Group and Energyzt Advisors to assist.
Jordan Danelz, a leader of the SunEd shareholder group says, "No independent third party was ever appointed by the court to figure out what happened to our investments. A year has gone by since SunEdison entered bankruptcy – and we've been in the dark that entire time."
"The case has reached a critical juncture. I cannot overstate the importance of shareholders coming forward and acting as a unified group in the pending court proceedings. There is no guarantee of a successful outcome, but at this point, two things are absolutely certain: we will lose everything if we don't act immediately, and we can't do it alone."
Individuals who own SunEdison stock are encouraged to visit the SUNE shareholder portal www.suneq-equity.com to learn more about what actions they can take to preserve their investments in SunEdison.
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SOURCE SunEdison Shareholder Group