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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cartesian Growth Corporation | NASDAQ:GLBL | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 10.33 | 10.44 | 10.90 | 0 | 01:00:00 |
Meets with SunEdison to Start Settlement DiscussionsFiles Initial Proof of Claim in SunEdison Bankruptcy
TerraForm Power previously announced that it would have to file its proofs of claim in the SunEdison bankruptcy and that it intended to begin settlement discussions to resolve claims consensually, in part to facilitate the exploration of strategic alternatives for TerraForm Power. Such settlement discussions have now commenced. As part of these discussions, TerraForm Power has notified SunEdison and certain of SunEdison’s creditors of its positions that:
“TerraForm Power has lost a large part of its enterprise value as a result of SunEdison’s catastrophic breach of its sponsorship and legal duties,” said Jack Stark, Chairman of the Company’s Corporate Governance and Conflicts Committee. “We are prepared to enforce our rights and defenses in litigation if necessary, whether in bankruptcy court or elsewhere. However, we also recognize that resolving our relationship with SunEdison in the courts would be complicated and expensive. A settlement is overwhelmingly in the interests of both sides. We have met with SunEdison to start settlement discussions in the hope that we can resolve these matters on a schedule that allows the collaborative exploration of strategic alternatives for TerraForm Power in the best interests of all stockholders.”
The foregoing are positions of TerraForm Power and may be disputed. No assurances can be made as to the outcome of any litigation or settlement discussions. In addition, recoveries in the SunEdison bankruptcy cannot be predicted at this time and could be insubstantial as a percentage of the face amount of creditor claims.
TerraForm Power noted that its publicly traded sister company, TerraForm Global, Inc. (Nasdaq:GLBL), also has announced that it has filed its proof of claim in SunEdison’s Chapter 11 bankruptcy case and has commenced discussions with SunEdison and/or its stakeholders to settle similar intercompany claims and defenses.
About TerraForm Power
TerraForm Power is a renewable energy company that is changing how energy is generated, distributed and owned. TerraForm Power creates value for its investors by owning and operating clean energy power plants. For more information about TerraForm Power, please visit: www.terraformpower.com.
Cautionary Note Regarding Forward-Looking Statements
This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. These statements involve estimates, expectations, projections, goals, assumptions, known and unknown risks, and uncertainties and typically include words or variations of words such as “expect,” “anticipate,” “believe,” “intend,” “plan,” “seek,” “estimate,” “predict,” “project,” “goal,” “guidance,” “outlook,” “objective,” “forecast,” “target,” “potential,” “continue,” “would,” “will,” “should,” “could,” or “may” or other comparable terms and phrases.
They include, without limitation, statements relating to the settlement of intercompany claims and defenses; the integration of the sponsor agreements; the amount and nature of claims of the Company against SunEdison; defenses of the Company against SunEdison’s 118 actions; the future assertion by the Company of additional claims against SunEdison; the subordination of B Units held by SunEdison; and restrictions upon the transfer of B Units or exchange of B Units into class A common stock. These forward-looking statements are based on current expectations as of the date of this press release and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including but not limited to: whether the Company and SunEdison and/or its stakeholders are able to reach an acceptable settlement of any intercompany claims and defenses and the terms of any such settlement; the outcome of litigation, if any, regarding the Company’s claims and defenses; as well as additional factors we have described in other filings with the Securities and Exchange Commission.
The risks included above are not exhaustive. Other factors that could adversely affect our business and prospects are described in the filings made by us with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
Contacts: Investors: Brett Prior TerraForm Power bprior@terraform.com (650) 889-8628 Media: Meaghan Repko / Michael Freitag / Nicholas Leasure Joele Frank, Wilkinson Brimmer Katcher media@terraform.com (212) 355-4449
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