We have historically depended significantly on SunEdison for important corporate, project, and other services, including many management services under the MSA (such as management, secretarial, accounting, banking, treasury, administrative, regulatory and reporting functions; recommending and implementing business strategy; maintenance of books and records; calculation and payment of taxes; and preparation of audited and unaudited financial statements), as well as asset management and O&M services for most of our power plants. Because of this historical reliance on SunEdison, the SunEdison 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 materially 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 six months ended June 30, 2017, compared to $10.1 million for the same period in 2016, as there were no acquisitions terminated, completed or pending completion during the six months ended June 30, 2017.
Depreciation, Accretion and Amortization
Depreciation, accretion and amortization expense increased from $27.6 million for the six months ended June 30, 2016 to $36.3 million for the six months ended June 30, 2017. The increase was primarily due to the impact of foreign currency on depreciation expense for wind power plants denominated in foreign currencies.
Loss (Gain) on Extinguishment of Debt, net
A loss on the extinguishment of debt of $6.8 million was recognized for the six months ended June 30, 2017, a decrease of $12.5 million compared to the same period in 2016. This decrease was primarily due to Global Operating LLC permanently reducing to zero and terminating the revolving commitments under the Revolver on March 31, 2017.
For the six months ended June 30, 2016, the Company recognized a gain on extinguishment of debt of $5.7 million. This gain was due to the Company's repurchase of the Senior Notes, partially offset by a loss on the repayment of Indian term debt, as well as a loss on extinguishment of debt resulting from the cancellation of third party debt in Thailand during the first quarter of 2016.
Interest Expense, net
Interest expense, net for the six months ended June 30, 2017 and 2016 was as follows:
Six Months Ended June 30,
Total interest expense, net
Interest expense, net decreased by $3.2 million during the six months ended June 30, 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. Interest income decreased by $1.8 million during the six months ended June 30, 2017 compared to the same period in 2016, primarily due to distributions made from power plants in Brazil in December 2016 and April 2017.
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