SunEdison filed with the U.S. Bankruptcy Court a motion for entry of an order authorizing and approving the private sale to Silicon Ranch Corporation of assets relating to certain sale leaseback project companies free and clear of all liens, claims, encumbrances and other interests and certain releases. The motion explains, "Through the Sale Transaction, the Company proposes to sell its interests in approximately 80 renewable energy projects to the Buyer in exchange for (i) approximately $3.8 million in cash, (ii) the replacement of a letter of credit in an aggregate outstanding amount of approximately $1.2 million (the 'L/C'), and (iii) the return of approximately $1 million of cash collateral posted to support certain obligations under applicable power purchase agreements." The Debtors also filed a separate motion for entry of an order authorizing and approving (i) the private sale of assets relating to certain sale leaseback and partnership flip project companies to Longroad Solar Portfolio Holdings. This motion explains, "Through the Sale Transaction, the Company proposes to sell its interests in approximately 352 renewable energy projects (and certain real property related thereto) to the Buyer in exchange for (i) approximately $7.8 million in cash and (ii) the replacement of letters of credit in an aggregate outstanding amount of approximately $42.85 million (the 'L/Cs')."
XMS Capital Partners, LLC (XMS) announced the hiring of Scott P. George as Managing Director in its Chicago, IL office. George possesses a rare combination of investment banking and corporate development skills that will augment XMS' core mission of delivering objective, value added advice and custom tailored solutions to help clients achieve their strategic goals. Prior to joining XMS, he was Senior Vice President, Corporate Development for Hillenbrand, Inc. Previous to helping transform Hillenbrand into a global diversified industrial company, George built the Chicago office of PMCF, LLC, the investment banking division of Plante Moran. During his 37-year career, George has also held senior investment banking positions at Morgan Joseph & Co., Inc.; Ernst & Young Corporate Finance, LLC; Bankers Trust Co., (acquired by Deutsche Bank in 1998); Morgan Stanley & Co. Incorporated and Salomon Brothers Inc. He earned an MBA in Finance and Accounting from the University of Chicago Booth School of Business and a BA in Economics from Northwestern University.
Jeffrey Hecktman, Chairman and C.E.O. of Hilco Global, announced the appointment of Paul Feehan as C.F.O. He will be taking over this role from John Chen, who has been managing these duties in addition to his current responsibilities as C.O.O., which he will continue. Feehan will initially report to Chen during the integration process and then will report Chairman and C.E.O. Hecktman once the transition is complete. Feehan has built an impressive career in financial services at GE Capital since joining in 1987, most recently having served as the Chief Credit Officer for its Corporate Finance unit, where he led a team that managed a portfolio of $6 billion of middle market loans. He is a native of the Chicago area where he resides with his wife and family. Feehan holds an MBA from the Kellogg School at Northwestern University and a BS in Accounting from the University of Illinois, Champaign-Urbana, IL. He is a Certified Public Accountant and a member of many associations and industry groups.
The American Bankruptcy Institute (ABI) announced that retired Bankruptcy Judge Eugene R. Wedoff (N.D. Ill.; Chicago) has been selected by the ABI Board of Directors to be President-Elect. He will become President for a one-year term, starting at ABI's 2017 Annual Spring Meeting. An ABI member since 1995, Judge Wedoff is a member of ABI's Board of Directors, a regular speaker at ABI conferences and co-chaired ABI's Consumer Bankruptcy Committee. ABI's consumer bankruptcy conference in Chicago was renamed in Judge Wedoff's honor last year. Judge Wedoff served as a U.S. Bankruptcy Judge in the Northern District of Illinois in Chicago from 1987-2015 and as Chief Judge from 2002-07. After graduating from law school, Judge Wedoff became a Partner and member of the executive committee of Jenner & Block. He has served as the Chair of the Advisory Committee on Bankruptcy Rules and was a member of the working group that drafted the means test forms adopted by the Judicial Conference for the implementation of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA). He also drafted the model Chapter 13 plan currently used in the Northern District of Illinois. He has served as a Governor and Secretary of the National Conference of Bankruptcy Judges, for which he served as President for 2013. He is also a Fellow of the American College of Bankruptcy and a member of the National Bankruptcy Conference. Judge Wedoff received the Excellence in Education Award from the National Conference of Bankruptcy Judges in 1995.
Kahle Automation filed with the U.S. Bankruptcy Court an objection to Unilife's (1) key employee retention plan; (2) motion for bidding procedures in connection with the sale of substantially all of the Debtor's assets, asset purchase agreement between the Debtors and the successful bidder and sale of substantially all of the Debtor's assets and (3) post-petition secured super-priority financing motion. The objection asserts, "Kahle asserts an unsecured claim against Unilife Medical Solutions in an amount in excess of $4,184,716.41….Although a committee has not yet been formed, Kahle remains optimistic that one will be formed in the near future. Kahle is not in a position to independently fund the payment to its own counsel to represent the interest of all of the unsecured creditors, but believes that in a case especially like this it is important that a committee be formed and counsel be retained to represent the interests of unsecured creditors and take a position with regard to the Motions listed above....Kahle further requests that if a committee has not formed and retained counsel by the time of the hearing on financing that any financing order entered at the next hearing be entered as an interim order in order to give unsecured creditors the opportunity to form a committee and retain counsel prior to the entry of a final order regarding financing."