SunEdison Inc along with its 25 other companies (table-2 at pg 41) on April 21 filed for chapter 11 of the US Bankruptcy Code protection in the US, after facing liquidity constraints and amassing close to $12 billion in debt from series of big ticket acquisitions.
The US Bankruptcy Court for the Southern District of New York has granted the relief requested by the company in its first day motions. The motions included continuation of employee wages and benefits, work on ongoing projects, and certain vendor payments. Some of these motions were immediately granted by the court.
