On April 21, 2016, SunEdison Inc. (NYSE: SUNE) and certain of its domestic and international subsidiaries voluntarily filed for protection under Chapter 11 of the U.S. Bankruptcy Code in the Bankruptcy Court for the Southern District of New York. TerraForm Global, Inc. (Nasdaq: GLBL) and its sister company, TerraForm Power, Inc. (Nasdaq: TERP), are NOT part of the SunEdison bankruptcy filing and have no plans to file for bankruptcy themselves.
TerraForm Global and TerraForm Power are publicly listed companies that are separate legal entities and are traded separately on Nasdaq. The equity interests of TerraForm Global and TerraForm Power in their respective wind and solar power plants that are legally owned by their respective subsidiaries are not available to satisfy the claims of creditors of SunEdison. Accordingly, we expect that TerraForm Global's fleet of wind and solar power plants will continue to operate and continue to deliver clean electricity to its customers in Brazil, India, China, South Africa, Uruguay, Thailand, and Malaysia.
TerraForm Global believes that it has sufficient liquidity to operate its business. Although SunEdison’s bankruptcy will present challenges, TerraForm Global expects to continue to operate in the ordinary course and to meet its financial obligations on a timely basis. In addition, TerraForm Global intends to coordinate with SunEdison so that the Company’s facilities and their operations continue to perform uninterrupted.
SunEdison has been, and is expected to continue to be, an important partner for TerraForm Global, as SunEdison affiliates provide asset management and operations and maintenance ("O&M") services to many of TerraForm Global's power plants. TerraForm Global anticipates that SunEdison will continue to provide these asset management and O&M services for TerraForm Global's power plants following the filing. In addition, TerraForm Global expects that SunEdison generally will continue to fulfill its obligations to provide corporate-level support to TerraForm Global under the Management Services Agreement between SunEdison and TerraForm Global. Even if certain of those obligations were not fulfilled, TerraForm Global expects to be able to continue operating its business pursuant to contingency plans it has been developing.
|TerraForm Global Comments on SunEdison’s Chapter 11 Restructuring Filing|
|TerraForm Power Comments on SunEdison’s Chapter 11 Restructuring Filing|
|SunEdison Undertakes Chapter 11 Reorganization|
|Frequently Asked Questions|
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