SunEdison cancels Texas property auction; stalking horse bid withdrawn

By Caroline Salls

Pittsburgh, Oct. 23 – SunEdison, Inc. canceled the auction for its Sherman, Texas, property after only one qualified bid was received, according to a notice filed Sunday with the U.S. Bankruptcy Court for the Southern District of New York.

The notice did not disclose the identity of the winning bidder or the amount of the bid.

As previously reported, Corning Research & Development Corp. was the stalking horse bidder with a $21 million purchase offer. However, the company said Corning withdrew its bid.

After the stalking horse bid was withdrawn, two other bids were received, but only one was submitted before the Oct. 20 deadline and deemed a qualified bid, the notice said.

The sale hearing is scheduled for Oct. 24.

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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