Latin America Power BV shareholders sued SunEdison Inc., claiming the worlds biggest clean-energy developer is on the brink of bankruptcy and trying to hide assets.
The shareholders say they need a court order to protect SunEdison assets while they pursue a claim in arbitration for $150 million, which they say theyre entitled to after the U.S. company walked away in October from an agreement to buy Latin America Power.
SunEdison has defiantly declared that it plans to hide its assets with undisclosed parties and affiliates in order to shield them from creditors as it sits on the brink of bankruptcy, the investors said in a petition filed in state court in Manhattan. SunEdisons financial condition is so dire and rapidly worsening that anal…
Read the full article at: http://www.bloomberg.com/news/articles/2016-02-10/sunedison-sued-by-spurned-latin-america-power-shareholders