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Gold/Mining/Energy : SunEdison - Terraform Power - Terraform Global SUNE/TERP/GLB

SUNEQ 0.0101

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Dec 29 3:00 PM EDT

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From: Sam

9/13/2016 12:00:45 PM

of 676

Judge Rejects Vivint Bid to Sue SunEdison Over Merger
DOW JONES & COMPANY, INC. 11:58 AM ET 9/13/2016

Symbol Last Price Change

VSLR	3.02	-0.16 (-5.03%)
SUNEQ	0.048	0 (0%)
QUOTES AS OF 11:58:07 AM ET 09/13/2016

A bankruptcy judge Tuesday rejected Vivint Solar Inc.'s(VSLR) bid to sue SunEdison Inc.(SUNEQ) 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(SUNEQ) 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(SUNEQ), 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(SUNEQ) reorganization.

Lawyers for Vivint and SunEdison(SUNEQ) weren't immediately available for comment.

SunEdison (SUNEQ) 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

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