SunEdison, the solar developer that was the darling of the solar industry for several years, filed for Chapter 11 bankruptcy in April of this year. It has been a bit of a roller coaster ride for the company, its employees and creditors ever since.
Here is a bit of a timeline of events since SunEdison’s bankruptcy filing in April:
- SunEdison is based in Maryland Heights, Missouri, which is a suburb of St. Louis
- On June 16th, Director and CEO Ahmad Chatila resigned. He had been CEO since 2009. He earned $7.7 million in 2014. The company has not filed their 2015 report.
- John Dubel was named CEO. He had been SunEdison’s chief restructuring officer.
- Dubel was paid $175,000 per month for the restructuring role. He is also eligible for a $4 million “restructuring fee”.
- SunEdison stated that it had assets of $20.7 billion and liabilities of $16.1 billion in its bankruptcy filing.
- At the beginning of August, the bankruptcy court judge overruled and objection from a government watchdog and will allow bonuses to be paid to 11 SunEdison executives. The company argued that the bonuses were crucial to retaining needed staff.
- No bidder has emerged that is interested in buying all of the business.
- The company has received about 100 bids for individual projects, groupings of solar farms, and for its entire commercial and industrial unit, as well as at least one inquiry about its stake in TerraForm Power Yieldco.
- In early September, SunEdison disclosed that the bids it had received for pieces of the company equated to $1.25 billion to $1.7 billion of potential gross proceeds. Their liabilities are valued at $16.1 billion. Not a happy time for creditors.
- GCL-Poly Energy Holdings Ltd., a Chinese company, announced that it agreed to buy the solar material business of SunEdison for $150 million.
- SunEdison disclosed to the state of Missouri last week that it plans to lay off about 10 employees beginning immediately.
We will keep our readers updated as the bankruptcy proceedings continue.
Tracey is an accountant and entrepreneur with a passion for nature. This passion is what spurred her interest in renewable energy, and the rest is history as they say. Tracey is a principal in Energy Think Group, the publisher of Solar Thermal Magazine and Tek-Think. She is also the principal at Women's Financial Help Desk. She spends her free time in the outdoors with her horses and dogs. She loves to travel.