Jump to content

Julyw

Solar Investor
  • Content Count

    495
  • Joined

  • Last visited

  • Days Won

    3

Julyw last won the day on November 5 2015

Julyw had the most liked content!

Community Reputation

18 Good

About Julyw

Portfolio

  • Portfolio %
    ENPH

Recent Profile Visitors

2,615 profile views
  1. What will Become Of Oahu Solar Project HECO issued a statement on Thursday in response to the bankruptcy filing: “This is unfortunate, however, this was a risk we anticipated for some time now. It is the reason we were reluctant to agree to a deal transferring three of SunEdison’s utility solar projects in Hawaii to one of its creditors, DE Shaw." No mention here of Breach in the event of a BK http://www.civilbeat.com/2016/04/what-does-sunedisons-bankruptcy-mean-for-oahus-solar-power/
  2. SUNE City Deal in San Diego will Proceed Id say it looks to be in Jeopardy http://www.sandiegouniontribune.com/news/2016/apr/22/sunedison-city/ SunEdison has until May 6 to complete designs for six of the sites. Those systems are supposed to be installed by Sept. 28 and construction of the remaining sites are due to be completed by Dec. 1. Sierra said his department asked city lawyers to review the agreement to examine their options if the deadlines are not met. “The contract identifies events, including bankruptcy, that could cause a breach of the contract,” Sierra wrote. “The City Attorney’s Office is reviewing.”
  3. Some Information regarding Sunedison's India Projects http://www.business-standard.com/article/companies/sunedison-bankruptcy-will-not-hit-india-ops-pashupathy-gopalan-116042200922_1.html
  4. Founder of SunEdison, Jigar Shah, said, "They should get rid of everything that is not core. Everyone who works in energy storage at SunEdison should no longer have a job." Partner with more stable parties such as SunPower or First Solar on crumbling HECO-like projects.
  5. Any thoughts on the dividends going forward on TERP & GLBL? Sold GLBL today but Plan to buy it back.
  6. Yes, this is a brief description of the CCAA program I've been studying, What is CCAA? The Companies' Creditors Arrangement Act (commonly referred to as the "CCAA" or the "CC, double A") is a Federal Act that allows financially troubled corporations the opportunity to restructure their affairs. By allowing the company to restructure its financial affairs, through a formal Plan of Arrangement, the CCAA presents an opportunity for the company to avoid bankruptcy and allows the creditors to receive some form of payment for amounts owing to them by the company. The CCAA is restricted to larger corporations, as a corporation must have amounts owing to creditors in excess of $5 million to be eligible to use the Act. Corporations that do not reach this $5 million threshold can utilize the Division I Proposal under the Bankruptcy and Insolvency Act. The CCAA also allows a company, if it so chooses, to address its shareholders in addition to its creditors. Typically, when the shareholders of the company are impacted by the Plan of Arrangement, they are often given the opportunity to vote on the Plan. The process begins in the Court system when the company applies to the Court for protection under the CCAA. The Court will issue an Order giving the company 30 days of protection (often referred to as the "Stay") from its creditors to allow for the preparation of the Plan of Arrangement. The Court can extend the Stay against the creditors upon further application to the Court by the company. Typically, the Court will continue the protection beyond the initial 30-day period if the company can demonstrate that it is likely that it will file a Plan of Arrangement and an extension of the Stay is not prejudicial to the creditors, as a whole. There is no time limit on how long the Stay can be extended. During the Stay period, the company will often continue operating, although it may commence restructuring activities at any time. A Monitor is an independent third party who is appointed by the Court to monitor the company's ongoing operations and assist with the filing and voting on the Plan of Arrangement. The Monitor's duties include monitoring the business, reporting to the Court on any major events that might impact the viability of the company, assisting the company in the preparation of the Plan of Arrangement, notifying the creditors (and shareholders) of any meetings and tabulating the votes at these meetings. The Monitor prepares a report on the Plan of Arrangement that is usually included in the mailing of the Plan. The Plan of Arrangement is the proposal that the company is presenting to its creditors on how it intends to deal with debt it owes at the time of the initial filing with the Court. There are no restrictions on what the Plan can entail. It is not uncommon to see offers to pay a percentage on the dollar of debt, either as a lump sum or over a period of time. Plans can include an offer of shares of the company in exchange for the debt outstanding or a combination of cash and shares. The debtor can identify a particular creditor or group of creditors as "unaffected." Unaffected creditors are included in the Plan and are not to be paid in the normal course. One of the benefits of the CCAA is that it allows for this flexibility when trying to put together a Plan. In order to be able to vote on the Plan and receive any distribution under it, a creditor must file a Proof of Claim with the Monitor. The Proof of Claim sets out what is owed to the creditor and is reviewed by the Monitor and the company. Any discrepancies between the creditor's Proof of Claim and the company's records are investigated by the company. The Plan will outline the procedures for dealing with disputed claims. Ultimately, the company files its Plan of Arrangement and forwards it to the creditors/shareholders. A meeting of the creditors (and shareholders, if applicable) is called to vote on the Plan. For the Plan to be binding on each class of creditors, a majority of the proven creditors in that class, by number, together with 2/3 of the proven creditors in that class, by dollar value, must approve of the Plan presented to them. If a class of creditors approves the Plan, it is binding on all creditors within the class, subject to the Court's approval of the Plan. If all of the classes of creditors (and shareholders, if applicable) approve the Plan, the Court must then approve the Plan as a final step. Upon Court approval, the company continues forward as outlined under the Plan until it has satisfied the requirements under the Plan. If a class of creditors or the Court does not approve the Plan, the company does not automatically go into bankruptcy, but the Stay is lifted. However, once the Stay has been lifted, the pressures that caused the company to initially file for CCAA protection from its creditors will likely return and, accordingly, it is quite likely that the company will be placed into receivership or bankruptcy.
  7. Why can't SUNE apply for DIP financing under the CCAA program in Canada where no BK would be involved?
  8. I think its possible for SUNE to apply for DIP financing in Canada since SUNE could be looked to have considerable assets in Canada under their Toronto base, In Canada there is the CCAA Program set up to help troubled Companies where part of the process is DIP financing and it does not require filing bankruptcy unlike the US. http://www.mcmillan.ca/Files/BHarrison_InsolvencyAlongNAFTAHwys_0708.pdf
  9. I take that back the 400,000 restricted are not Class A shares.
  10. The 400,000 are restricted Class A shares which typically carry more voting rights but not always, it depends on how they are structured. I still think SUNE is in a hot spot with the DOJ prying into their business and the Board knows they need to make these incentives to the CFO and hope for the Best.
  11. It looks like he was awarded 250,000 shares of common stock at .36 and received restricted shares of 400,000 at .36. I just checked GLBL he filed an Sec filing 04/11 but it did not show he had purchased or received any restricted shares..
  12. Daskal Ilan Restricted Stock Shares And Right to Buy Shares http://investors.sunedison.com/phoenix.zhtml?c=106680&p=irol-SECText&TEXT=aHR0cDovL2FwaS50ZW5rd2l6YXJkLmNvbS9maWxpbmcueG1sP2lwYWdlPTEwODY4MDA3JkRTRVE9MCZTRVE9MCZTUURFU0M9U0VDVElPTl9FTlRJUkUmc3Vic2lkPTU3 Not sure what to make of this?
  13. A response letter sent to D.E. Shaw from HECO with copy to PUC regarding the SUNE Projects asking DE Shaw to respond back by April 1st before they meet April 4th. http://dms.puc.hawaii.gov/dms/DocumentViewer?pid=A1001001A16C23B31246A25678
  14. SUNE receives a subpoena from the DOJ. http://www.streetinsider.com/dr/news.php?id=11464419 http://www.pv-magazine.com/news/details/beitrag/breaking--sunedison-under-investigation-by-department-of-justice--securities-and-exchange-commission_100023973/#axzz44VFP1Ep9
  15. SUNE wins 200MW in India http://cleantechnica.com/2016/03/24/1-2-gw-solar-tender-in-jharkhand-dominated-by-indian-companies/
×
×
  • Create New...