#sunedison

[sunedison]

Get a good ROI with added advantages by installing panels on your unused rooftop. Together we can bring a positive impact on the environment. Call us to know more

Are looking for a rooftop solar panels then choose Sun Edison. Sun Edison gives the best and affordable Solar systems. Sun Edison is the leading solar solution company.

[deniscollins]

McKinsey & Company Is Again Accused of Misdeeds in Bankruptcy Case

SunEdison, a McKinsey consulting client on the verge of bankruptcy, would not be able to pay McKinsey for work performed. If you were a SunEdison executive, would you agree to pay McKinsey with revenue earned from four solar-energy projects that would not be part of the bankruptcy, but McKinsey did not work on: (1) Yes, (2) No? Why? What are the ethics underlying your decision?

McKinsey & Company, a consulting firm whose conduct in bankruptcy cases has already drawn the attention of two judges, was accused before a third on Tuesday of improperly receiving and concealing payments from a client on the verge of bankruptcy. This raised the prospect that the judge overseeing the case could order the return of tens of millions of dollars in fees earned by the consulting company.

Signs that something could be wrong at the client company, SunEdison, began to surface after its board hired an outside firm to investigate unrelated employee claims that managers were misstating cash flows. The outside company, FTI Consulting, described an email exchange between a McKinsey consultant and a SunEdison executive, discussing how McKinsey was going to be paid for the work it had already done for the company.

Ultimately, there was an agreement that McKinsey would not keep billing SunEdison itself — instead, it would call back its unpaid bills and redirect them to four solar-energy projects that SunEdison had set up for various customers. But there was a problem: McKinsey had not done any work for them.

“Acknowledge that this is not ideal,” the McKinsey partner wrote, adding that there had not been many options. “We should anticipate spirited opposition from some PMs that we will need to push through,” he added, in a reference to the project managers who would be asked to pay for consulting services they had not received.

The accusations against McKinsey were contained in a pleading filed Tuesday in United States bankruptcy court in Manhattan by a SunEdison creditor who has made a series of accusations of misconduct against McKinsey. The creditor, the retired turnaround specialist Jay Alix, asserted to Judge Stuart M. Bernstein that McKinsey had used the four projects — whose financing was separate from that of SunEdison and would not be affected by the bankruptcy — to remove any risk of the court finding out that McKinsey pulled money out of the company just before it went bankrupt.

McKinsey “acted with intent to deceive the court and in a manner that was willfully blind to the truth and was in reckless disregard of the truth,” Mr. Alix wrote.

Mr. Alix has already challenged McKinsey in Houston’s bankruptcy court, which handled two recent cases where the companies were advised by McKinsey, and in the bankruptcy court in Richmond, Va., where the judge this month reopened the case of Alpha Natural Resources, also advised by McKinsey. The judges in those cases recently took the unusual step of jointly ordering McKinsey and Mr. Alix to try to resolve their differences in mediation, as one last step before taking the matter to trial.

A spokeswoman for McKinsey, asked about the new accusations, said: “Alix has no evidence for his reckless and defamatory fraud claims against McKinsey, in this or any of his other attacks on the firm. Now, he is attempting to disrupt yet another settled bankruptcy based on the same unsubstantiated allegations he has made over and over again.”

She said the firm had always conducted itself in compliance with the law. In the past, McKinsey has also said that Mr. Alix was motivated by a desire to undercut its ability to compete with AlixPartners, a restructuring firm that he founded in the 1980s and in which he still holds a roughly 30 percent stake.

SunEdison did not respond to messages seeking comment.

The timing of the email exchange found by FTI was important: It took place in February 2016, just two months before SunEdison was to declare bankruptcy. The four solar projects were not going to join SunEdison in bankruptcy court, meaning they would be free to pay bills without the prior review and approval of the judge. It also meant the court would not know SunEdison still owed McKinsey money from before the bankruptcy, which could disqualify the firm as a turnaround adviser helping to decide how creditors would be repaid.

To make sure no one tries to remove assets before the court takes control, the bankruptcy code calls for a review of transactions within 90 days — and sometimes longer — of when the company files for bankruptcy. If some entity got money it shouldn’t have, the court can order it returned to be used to repay all creditors according to the priority of their claims.

The pleading asked the court to disqualify the work McKinsey had done for SunEdison, and to order McKinsey to disgorge at least $37 million in fees.

Mr. Alix also expressed concern in the pleading that McKinsey had not offered sufficient and timely detail about its relationship with SunEdison’s departing chief executive, Ahmad Chatila. Although McKinsey did report to the court it had entered into a “business arrangement” with Mr. Chatila, during the bankruptcy, it described him then as a senior officer of an entity “unrelated to SunEdison” and did not explain McKinsey’s role in the arrangement.

In January 2017, Mr. Alix’s pleading said, the company formed by Mr. Chatila, FTC Solar, bought an estimated $35 million in SunEdison assets for just $6 million.

An email message sent to FTC Solar seeking comment was not returned Tuesday evening. The company did not have a phone number listed on its site.

[stratonsolar]

SunEdison bankruptcy and it's effect on South African plants

SunEdison bankruptcy and it’s effect on South African plants

After months of financial uncertainty, international solar giant SunEdison (NYSE: SUNE; OTC: SUNEQ), and some of its international subsidiaries, filed for Chapter 11 bankruptcy protection in the US on 21 April 2016. This uncertainty has seen its share price tumble from a high of US $33,45 in July 2015 to $0,34 before filing for Chapter 11 protection last week. The company has nine solar…

View On WordPress

[elojociudadanochile]

Colbún compra parte de los activos de SunEdison en Chile

Colbún S.A., la segunda mayor generadora de energía en el Sistema Interconectado Central de Chile (SIC), llegó a un acuerdo con la empresa desarrolladora de energía renovables SunEdison para adquirir parte de los activos que la compañía estadounidense tiene en Chile.

La transacción involucra el traspaso de proyectos de energía solar fotovoltaica en desarrollo, así como la cesión de contratos de…

View On WordPress

[ankurkumarjha-blog]

HOW SUNEDISON WILL IMPACT SOLAR ENERGY IN INDIA?

HOW SUNEDISON WILL IMPACT SOLAR ENERGY IN INDIA?

Solar Energy in India and SunEdison: SunEdison’s fall poses several serious questions for solar market in India. The global company has already filed chapter 11 bankruptcy protection in the US. The company had set itself on an unprecedented rate of asset acquisition across the globe. By September, 2015, the company had piled up a debt of $11.7 billion. These acquisitions came in too short a time,…

View On WordPress

[owenpu-blog]

SunEdison Files for Bankruptcy Protection

[dreowyn]

Pelosi's husband invested in solar firm weeks before lucrative expansion

Pelosi’s husband invested in solar firm weeks before lucrative expansion

What a coincidence, I’m sure… Nancy and Paul Pelosi From Fox News: House Democratic Leader Nancy Pelosi’s husband bought up to a quarter million dollars of stock in a now financially troubled green energy company just weeks before it announced a major 2014 acquisition that sent stock prices soaring, public records show. SunEdison told regulators last week that it is eyeing bankruptcy under the…

View On WordPress