Bankruptcy has created substantial risks to our business, operations and financial condition. However, we have continued to operate our business pursuant to contingency plans that we have been developing.
As part of the Company’s transition away from its historical reliance on SunEdison, as of January 1, 2017, substantially all employees at both the corporate and project levels who were previously employed by SunEdison were hired directly by the Company. As such, the Company no longer relies upon SunEdison for personnel to manage and operate our business or our power plants. The Company continues to execute on the other aspects of its plan to implement a stand-alone organization. We expect to incur higher costs associated with performing these services ourselves or hiring substitute providers than the fees we paid under the MSA.
Acquisition, Formation and Related Costs
Acquisition, formation and related costs are zero for the three months ended March 31, 2017 compared to $10.0 million for the same period in 2016, as there were no acquisitions during the three months ended March 31, 2017.
Depreciation, Accretion and Amortization
Depreciation, accretion and amortization expense increased from $14.6 million for the three months ended March 31, 2016 to $15.1 million for the three months ended March 31, 2017 due to the acquisition of Alto Cielo in April 2016.
Loss (Gain) on Extinguishment of Debt, net
A loss on the extinguishment of debt of $6.8 million was recognized for the three months ended March 31, 2017, a decrease of $13.0 million compared to the same period in 2016. This decrease was due to Global Operating LLC permanently reducing to zero and terminating the revolving commitments under the Company's corporate level revolving credit facility (the "Revolver") on March 31, 2017.
In January 2016, the Company repurchased $41.0 million of the Senior Notes for $33.2 million and paid $1.9 million of interest and prepayment fees. In total, the Company repurchased $49.6 million of the Senior Notes for $40.0 million plus prepayment fees and interest of $2.3 million. A gain on extinguishment of debt of $6.3 million was recognized for the three months ended March 31, 2016 related to these repurchases.
Interest Expense, net
Interest expense, net for the three months ended March 31, 2017 and 2016 was as follows:
Three Months Ended March 31,
Total interest expense, net
Interest expense, net decreased by $3.2 million during the three months ended March 31, 2017 compared to the same period in 2016. The decrease was primarily driven by a decrease in amortization of the deferred financing fees relating to the Revolver. In March 2017, the Company permanently reduced to zero and terminated the revolving commitments under the Revolver, and as such the Company wrote off the remaining portion of the Revolver's deferred financing fees as a loss on extinguishment of debt.
As a result of the SunEdison Bankruptcy, we do not expect SunEdison to perform under the Interest Payment Agreement going forward, in which case we expect to continue servicing out debt obligations with current liquidity and cash flows from operations. See Item 1. Note 16 - Related Parties - Interest Payment Agreement for additional information on the Interest Payment Agreement.