Tepper’s Appaloosa requests independent examination of SunEdison –

May 4 – Hedge fund Appaloosa Management LP wants US renewables developer SunEdison (OTCMKTS:SUNEQ) to go through an independent bankruptcy examination with no limits as to how much it would cost, the Wall Street Journal reports.

SunEdison, which recently filed for bankruptcy protection under chapter 11, itself asked the court for the appointment of an examiner on a previous occasion. However, the company wants to impose limits to the investigation’s budget and timeline, something the hedge fund managed by billionaire David Tepper does not approve of, the report says.

Appaloosa is also seeking approval to reveal information about SunEdison that could be of interest to bankruptcy creditors. It has gathered that information when it sued the debt-laden company over its now-terminated merger with Vivint Solar (NYSE:VSLR). The deal concerned Appaloosa because it involved one of SunEdison’s two yieldcos in which the hedge fund is an investor.

Recommends: