Disclosure NewswireTMiCrowdNewswire - May 10, 2017
The following statement is being issued by the SunEdison Shareholder Group regarding SunEdison (OTC: SUNEQ).
On April 8, 2017, members of the SunEdison Shareholder Group filed a preliminary objection to the Disclosure Statement for SunEdison’s proposed plan of liquidation, asking the Court to require that the company correct the informational deficiency which has plagued its chapter 11 cases since their inception.
The objection alleges that SunEdison’s Disclosure Statement is murky about a host of critical issues, notably including the failure to identify what happened to almost $20 billion in investment capital, the eradication of SunEdison’s lucrative servicing business, and SunEdison’s decision to liquidate rather than reorganize.
According to the publicly filed objection, “shareholders as a group have had no practical ability to pursue discovery, let alone an opportunity to engage with the Debtors or the Creditors’ Committee. Importantly, no independent party, such as an examiner, has been appointed to look into and report on the facts behind SunEdison’s collapse and to ‘follow the money.'”
Jordan Danelz, chair of the group explains: “The Disclosure Statement raises many more questions than it answers. The Debtors cannot expect shareholders to accept the bald assertion that our investments have been completely eliminated – and go on our merry way. We deserve answers and we intend to get them.”
The SunEdison Shareholder Group consists of over 1,000 individual investors in SunEdison representing at least eight percent of SunEdison’s total outstanding shares. Certain members of the group have pooled their resources to hire lawyers and financial advisors to assert their rights.
Interested parties can view the objection on the website.
SOURCE SunEdison Shareholder Group