For SunEdison Inc., the whole is attracting less interest from buyers than its parts.
Three months after filing for Chapter 11 bankruptcy protection with $16.1 billion in liabilities, the developer has yet to field any bids to take over the entire business, according to two people familiar with the sales process.
Instead, it’s received more than 100 indications of interest for specific assets, Rothschild Inc., which is managing the sales process, said last week.
That includes bids for individual projects, for bundles of wind and solar farms, and for its entire commercial and industrial unit. The developer also received at least one inquiry about its controlling stake in TerraForm Power Inc., one of its most valuable holdings. Potential buyers are looking to cherry-pick the company’s best assets, or may be pursuing low-ball bids for the most speculative ones.
Read more: Bloomberg