logo
Article

Lehman-owned SkyPower seeks court protection

Reuters|Emily Chasan|August 12, 2009
USACanadaGeneral

SkyPower Corp, a Canadian developer of renewable energy projects owned by bankrupt Lehman Brothers Holdings Inc (LEHMQ.PK), said on Wednesday that it has filed for court protection under the Companies' Creditors Arrangement Act. SkyPower said it was seeking to quickly sell its assets through a court-approved process and that several potential bidders have expressed interest in a deal.


NEW YORK - SkyPower Corp, a Canadian developer of renewable energy projects owned by bankrupt Lehman Brothers Holdings Inc (LEHMQ.PK), said on Wednesday that it has filed for court protection under the Companies' Creditors Arrangement Act.

SkyPower said it was seeking to quickly sell its assets through a court-approved process and that several potential bidders have expressed interest in a deal.

SkyPower said it sought court protection amid uncertainty over the last few months about its "strategic direction" due to the bankruptcy of Lehman, which is the company's principal shareholder.

SkyPower said it had a commitment of funding for US $15 million that will allow it to transition the business through the sale process.

Lehman …

... more [truncated due to possible copyright]

NEW YORK - SkyPower Corp, a Canadian developer of renewable energy projects owned by bankrupt Lehman Brothers Holdings Inc (LEHMQ.PK), said on Wednesday that it has filed for court protection under the Companies' Creditors Arrangement Act.

SkyPower said it was seeking to quickly sell its assets through a court-approved process and that several potential bidders have expressed interest in a deal.

SkyPower said it sought court protection amid uncertainty over the last few months about its "strategic direction" due to the bankruptcy of Lehman, which is the company's principal shareholder.

SkyPower said it had a commitment of funding for US $15 million that will allow it to transition the business through the sale process.

Lehman Brothers Private Equity had bought a 50 percent equity stake in SkyPower in June 2007.

SkyPower had interests in developing more than 50 wind and solar projects in Canada at the time of the Lehman investment.

Lehman sought bankruptcy protection in U.S. courts on Sept. 15, 2008, in the largest U.S. bankruptcy in history, listing assets of $639 billion. The bank has been in the process of unwinding itself. 


Source:http://www.reuters.com/articl…

Share this post
Follow Us
RSS:XMLAtomJSON
Donate
Donate
Stay Updated

We respect your privacy and never share your contact information. | LEGAL NOTICES

Contact Us

WindAction.org
Lisa Linowes, Executive Director
phone: 603.838.6588

Email contact

General Copyright Statement: Most of the sourced material posted to WindAction.org is posted according to the Fair Use doctrine of copyright law for non-commercial news reporting, education and discussion purposes. Some articles we only show excerpts, and provide links to the original published material. Any article will be removed by request from copyright owner, please send takedown requests to: info@windaction.org

© 2024 INDUSTRIAL WIND ACTION GROUP CORP. ALL RIGHTS RESERVED
WEBSITE GENEROUSLY DONATED BY PARKERHILL TECHNOLOGY CORPORATION