(MENAFNEditorial) --> NEW YORK, April 21, 2017 /PRNewswire/ --The following statement is being issued by the SunEdison Shareholder Group regarding the SunEdison (OTC: SUNEQ) complex proposed plan of reorganization.
SunEdison (OTC: SUNEQ) On March 28, 2017, SunEdison filed its plan of reorganization and announced its intention to eliminate all existing equity interests in the company.That means that SUNE shareholders – including more than 7,000 employees, stock owners and asset managers around the country – are teetering on the brink of losing 100% of their investments.
As part of this plan, SunEd also recently announced the proposed sale of its interest in the YieldCo's – Terraform Global (NASDQ: GLBL) and Terraform Power (NASDQ: TERP) – to Brookfield Asset Management (NYSE: BAM). Insiders have described the BAM transaction as a "sweetheart deal" in keeping with company's conduct for the year it has been in bankruptcy – namely, shedding its assets at fire sale prices under the protection of chapter 11.
A group of over 1,000 SunEd shareholders have joined together to fight the plan and have retained Nastasi Partners, StoneTurn Group and Energyzt Advisors to assist.
Jordan Danelz, a leader of the SunEd shareholder group says, "No independent third party was ever appointed by the court to figure out what happened to our investments.A year has gone by since SunEdison entered bankruptcy – and we've been in the dark that entire time."
"The case has reached a critical juncture. I cannot overstate the importance of shareholders coming forward and acting as a unified group in the pending court proceedings.There is no guarantee of a successful outcome, but at this point, two things are absolutely certain:we will lose everything if we don't act immediately, and we can't do it alone."
Individuals who own SunEdison stock are encouraged to visit the SUNE shareholder portal www.suneq-equity.comto learn more about what actions they can take to preserve their investments in SunEdison.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/sunedison-shareholder-group-sunedison-equity-shareholders-needed-to-help-stop-fire-sale-of-assets-and-total-loss-of-investments-300443277.html
SOURCE SunEdison Shareholder Group
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