SunEdison plans to stop interest payments on yieldcos' notes

AlTi Global

03/08/2016 23:49

Aug 3 (Reuters) - Bankrupt solar company SunEdison 
 SUNEQ.PK  plans to stop making interest payments on behalf of 
its two yieldcos, TerraForm Global Inc  GLBL.O  and TerraForm 
Power LLC  TERP.O , due to its Chapter 11 proceedings, the two 
companies said. 
    SunEdison had agreed to pay interest on senior notes issued 
by TerraForm Power and TerraForm Global, the two companies said 
on Wednesday.  urn:newsml:reuters.com:*:nEOL8G6ZP  urn:newsml:reuters.com:*:nEOLbzdF3j 
    The two yieldcos called SunEdison's decision "invalid" and 
said they would contest the decision, saying that announcing the 
decision in a filing did not mean they had acknowledged it. 
    They said that even if SunEdison failed to make the interest 
payments, they would be able to continue to service their debt 
with current liquidity and cash flow from operations. 
    TerraForm Global said last month that SunEdison was looking 
to sell its interests in the yieldco.  urn:newsml:reuters.com:*:nL4N1AB3HF 
 
 (Reporting by Vishaka George in Bengaluru; Editing by Savio 
D'Souza) 
 ((vishaka.george@thomsonreuters.com; within U.S. +1 646 223 
8780, outside U.S. +91 80 6749 1130; Reuters Messaging: 
vishaka.george.thomsonreuters.com@reuters.net)) 
 
Keywords: SUNEDISON INC DEBT/YIELDCOS