A group of SunEdison lenders took control of the renewable energy developer after inking a “sweetheart deal” to try to save their investment as the company approached bankruptcy, hurting other creditors, according to a lawsuit filed late Thursday in U.S. bankruptcy court.
SunEdison SUNE 0.00% transferred “hundreds of millions of dollars” to the lenders, which included buyout firms Apollo Global Management and Cerberus Capital Management and more than 15 hedge funds, before it filed for bankruptcy, hurting the company’s other creditors, according to a redacted version of the complaint. A full copy was filed under seal.
