SunEdison Inc. (NYSE: SUNE) announced April 22 that the U.S. Bankruptcy Court for the Southern District of New York has granted the relief requested by the company in key first day motions related to ordinary course business activities.
This includes the continuation of employee wages and benefits, work on ongoing projects, and certain vendor payments. Some of these motions were granted on an interim basis and the court has scheduled a final hearing for May 10.
The court also granted interim approval for the company to access up to $300 million in debtor-in-possession (DIP) financing from a consortium of first and second lien lenders in support of continuing business operations.
The motions were filed April 21 in conjunction with voluntary petitions for reorganization filed by SunEdison and certain of its domestic and international subsidiaries under Chapter 11 of the U.S. Bankruptcy Code.
SunEdison develops, finances, installs, owns and operates renewable power plants, delivering predictably priced electricity to its residential, commercial, government and utility customers.