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Share Name | Share Symbol | Market | Type |
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Blackstone Inc | NYSE:BX | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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3.51 | 2.97% | 121.50 | 121.725 | 118.67 | 119.19 | 3,417,735 | 01:00:00 |
A bankruptcy judge Tuesday rejected Vivint Solar Inc.'s bid to sue SunEdison Inc. over its claim that a busted merger caused it $1 billion in damages.
Judge Stuart M. Bernstein of the U.S. Bankruptcy Court in New York rejected Vivint's call to lift the automatic stay shielding SunEdison from hostile litigation while his bankruptcy case is pending. The stay, a cornerstone of U.S. bankruptcy law, halts lawsuits and collection actions when a company or individual files for chapter 11.
"Vivint has failed to make a prima facie showing that its claim must be liquidated immediately or within a short (or any) time frame whether here or in Delaware Chancery Court," wrote Judge Bernstein in a 12-page decision.
Because of the size of Vivint's damages claim, the Blackstone Group-backed company would have had significant bargaining power when it comes to deciding a future course for SunEdison, a renewable energy company that sought chapter 11 protection in April.
Judge Bernstein, however, noted the merger litigation "is in its infancy, and Vivint has not shown that its resolution is essential" to SunEdison's reorganization.
Lawyers for Vivint and SunEdison weren't immediately available for comment.
SunEdison hopes to reorganize, but since filing for bankruptcy protection it has been selling off parts of its portfolio a series of transactions designed to raise money for creditors. The sales are still estimated to fall at least $1 billion short of its debts.
Write to Patrick Fitzgerald at patrick.fitzgerald@wsj.com
(END) Dow Jones Newswires
September 13, 2016 12:25 ET (16:25 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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