SunEdison proposes bid procedures for $21 million Texas property sale

By Caroline Salls

Pittsburgh, Sept. 18 – SunEdison, Inc. requested court approval of the bid procedures for the proposed $21 million sale of property located in Sherman, Texas, according to a motion filed Monday with the U.S. Bankruptcy Court for the Southern District of New York.

Corning Research & Development Corp. is the stalking horse bidder.

SunEdison said the Texas property consists of nearly 700,000 square feet of industrial space sitting on 76.763 acres of land.

According to the motion, Corning will have until Oct. 6 to conduct a phase II environmental site assessment of the property. If it is determined that remediation costs will exceed $250,000, Corning will have the right to terminate the stalking horse agreement.

Otherwise, Corning will be entitled to payment of a 3% break-up fee and up to $150,000 expense reimbursement if it is not the winning bidder for the property.

Competing bids must exceed Corning’s proposed purchase price by at least $900,000. Subsequent bids at auction must be in minimum increments of $100,000.

Based in Maryland Heights, Mo., SunEdison operates renewable power plants. It filed for bankruptcy on April 21, 2016 under Chapter 11 case number 16-10992.

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