SunEdison has filed for bankruptcy protection in the US to restructure its balance sheet and reduce debt.
Through the Chapter 11 restructuring, the firm and certain of its domestic and international subsidiaries are planning to reduce debt from its balance sheet and continue to focus on core strengths.
SunEdison’s publicly-traded subsidiaries, TerraForm Power and TerraForm Global, are excluded in the filing. The company had $20.7bn worth of assets and liabilities of $16.1bn as of 30 September.
SunEdison CEO Ahmad Chatila said that the court-supervised restructuring marks an important step to address immediate liquidity issues.
Chatila said: “It also will facilitate our continued work towards transforming the Company into a more streamlined and efficient operator, shedding non-core assets as well as taking other steps to help us get the most value out of our technological and intellectual property.
“As a result of this process, we expect that SunEdison will be in an even better position over the long term to utilize our capabilities in the renewable energy sector in service of our customers, business partners, and employees.”
The company said it also secured up to $300m in new financing from its first-lien and second-lien lenders. The financing, which is subject to court approval, will be used to support SunEdison’s operations during its bankruptcy process.
Separately, SunEdison said it intends to secure partners for its planned 1.7GW of projects in India within two months.
SunEdison Asia Pacific president Pashupathy Gopalan told Reuters that the firm has excluded its business in India from its bankruptcy process.