Bankruptcy News

We've summarized the latest docket activity and news for publicly traded companies currently operating under U.S. Bankruptcy Court protection.

Bankruptcy/Chapter 11 / Energy

Suntech Power Holdings Co. Chapter 15 Petition Filed

Cayman Islands-based Suntech Power Holdings Co. filed for Chapter 15 protection with the U.S. Bankruptcy Court in the Southern District of New York, case number 14-10383. The holding company, whose operating subsidiaries develop, manufacture and deliver solar energy solutions, is represented by Jennifer Taylor of O’Melveny & Myers. The Company announced that its joint provisional liquidators, appointed by the Grand Court of the Cayman Islands to oversee its restructuring, commenced this proceeding for United States recognition of its overseas provisional liquidation. The Cayman Islands-based Courts previously granted this recognition. David Walker, one of the joint provisional liquidators, comments, "The Chapter 15 petition is a very important step to conclude a successful restructuring of the Company as it would allow a centralized process to assert and resolve claims against the Company, and to make distributions to the Company's creditors. Chapter 15 recognition will stay actions brought by creditors in the United States, and help ensure that all creditors are treated equally with similarly situated creditors in the Cayman Islands proceeding." This Chapter 15 filing was a provision of the restructuring support agreement (RSA) entered into with (among other parties) the petitioners for an October 14, 2013 involuntary Chapter 7 proceeding filed against Suntech Power Holdings. Documents filed with the Court explain, “Under the RSA, Suntech, the Petitioning Creditors and the Supporting Noteholders have agreed that a stipulation among the parties for the dismissal of the Chapter 7 Case will be executed and presented to the court following recognition of the Cayman Proceeding under chapter 15 of the Bankruptcy Code.” The Company’s Chapter 15 petition indicates total assets greater than $1 billion.

As a point of reference, BankruptcyData.com provided these details on some of the Chapter 7 and Chapter 11 bankruptcy cases, initiated since 2010, for which the Debtors indicate primary or significant “alternative” or “green” energy operations:

Company

Chapter

Total Assets

  Description

A123 Systems, Inc.

11

$625,902,000

  Rechargeable Batteries

Abound Solar Inc.

7

$100,000,001

  Solar Energy Modules

Beacon Power Corporation

11

$75,937,235

  Recyclable Energy Storage

BlueScout Technologies, Inc.

7

$8,873,000

  Wind Power Gen. Systems

Cello Energy, LLC

11

$0

  Cellulosic Ethanol

ECOtality, Inc.

11

$53,786,000

  Electricity & Energy Storage

Ener1, Inc.

11

$396,544,000

  Lithium-Ion Technology

Energy Conversion Devices, Inc.

11

$388,478,000

  Solar Laminates

Evergreen Energy, Inc.

7

$29,558,000

  Clean Energy Solutions

Evergreen Solar, Inc.

11

$424,470,000

  Solar Power Products

Exide Technologies

11

$2,194,986,000

  Vehicle Battery Chargers

Fisker Automotive, Inc.

11

$100,000,001

  Electric Hybrid Vehicles

Hoku Corporation

7

$669,857,000

  Solar Energy

Konarka Technologies Inc.

7

$100,001

  Solar Cells

Longview Power, LLC

11

$1,000,000,001

  Environmentally Resp. Power

Mountain Plaza Inc.

11

$1,000,001

  Truck Electrification Systems

Nordic Windpower  Holdings Inc.

7

$0

  Wind Turbines

Raser Technologies, Inc.

11

$41,383,760

  Geothermal Power

Satcon Technology Corporation

11

$135,957,469

  Clean Energy Technology

Solyndra LLC

11

$859,000,000

  Solar Photovoltaic Systems

SpectraWatt Inc.

11

$10,000,001

  Solar Energy

Stirling Energy Systems  Inc.

7

$1,000,001

  Renewable Energy Power

Synagro Technologies, Inc.

11

$10,000,001

  Organic Wastewater Facilities

Thompson River Power LLC

7

$10,000,001

  Renewable Energy Power

Valence Technology, Inc.

11

$31,529,000

  Lithium-Ion Technology

Xtreme Green Products Inc.

11

$1,252,513

  Electric Vehicles

 

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