Almost six months after filing the biggest U.S. bankruptcy of 2016, SunEdison Inc. is taking steps to work out a reorganization plan without liquidating a prize asset: its controlling stake in TerraForm Power Inc., Bloomberg News reported today. TerraForm Power, a so-called yieldco that owns solar and wind projects developed by its parent, has begun talks with SunEdison’s creditors to start the process of evaluating the TerraForm assets. Under such a reorganization, SunEdison could keep its shares in the yieldco and restructure around it. This latest stage in the bankruptcy follows months in which SunEdison marketed solar and wind projects around the world without declaring outright whether it would emerge from chapter 11 as a going concern or liquidate altogether. The company in July said that it had extended a deadline to present lenders with a plan — without specifying a new date.
