One day into SunEdison Inc.’s chapter 11 bankruptcy, its publicly traded corporate offshoots moved to assert their separate status in a restructuring where they’ll play a central role as major assets and as major creditors, the Wall Street Journal reported on Saturday. In court papers filed Friday, the solar project developer’s so-called yieldcos, TerraForm Power Inc. and TerraForm Global Inc., told a bankruptcy judge that they are solvent, independent and separate from SunEdison, and they intend to stay that way. “The yieldcos are not insolvent,” the companies’ lawyers said in the filing. The yieldcos’ power plant assets ”are worth billions of dollars," and they each have sufficient cash to finance their operations, pay scheduled payments on their debt obligations, and pay and make distributions to SunEdison. “If the debtors do this right, we will be the source of basically all distributable value,” said Andy Dietderich, one of the lawyers for the TerraForms, in court on Friday.
