TerraForm Power Announces Court Approval of Settlement of Claims with SunEdison
TerraForm Power has announced that the U.S. Bankruptcy Court for the Southern District of New York authorized and approved the entry by SunEdison, Inc. and its debtor subsidiaries (together "SunEdison") into the previously announced settlement agreement and voting and support agreement with TerraForm Power, as well as the performance by SunEdison of its obligations under these agreements. This Bankruptcy Court approval is a condition to the completion of TerraForm Power's sponsorship transaction with Brookfield. The terms of the settlement agreement, voting support agreement and Brookfield sponsorship transaction were previously announced on March 7, 2017 and copies of the settlement agreement, voting support agreement and merger and sponsorship transaction agreement with Brookfield and descriptions of their material terms are included in the Company's Current Report on Form 8-K filed on March 7, 2017.
"Bankruptcy Court approval is a key condition to the closing of the sponsorship transaction with Brookfield," said Peter Blackmore, Chairman and Interim Chief Executive Officer of TerraForm Power. "We look forward to completing the remaining conditions to the closing of the sponsorship transaction."
The TerraForm Power Board of Directors previously approved the settlement agreement upon the recommendation of the Corporate Governance and Conflicts Committee, each member of which is independent and does not also serve on the Board of Directors of TerraForm Global, Inc.
The Brookfield sponsorship transaction is subject to certain closing conditions, including shareholder approval by the majority of Class A shareholders (excluding SunEdison, Brookfield, their respective affiliates and any persons with whom they comprise a "group" for securities law purposes), and regulatory approvals.
