TORONTO, Aug. 12 /CNW/ - In order to facilitate the transition of the
company through a sale process, SkyPower Corp, a Lehman Brothers company, has
today filed for restructuring under the terms of the Companies' Creditors
Arrangement Act (CCAA).
SkyPower is Canada's leading developer of renewable energy projects with
a significant number of projects across the country and around the world. In
recent months there has been uncertainty as to SkyPower's strategic direction
due to the bankruptcy of its principal shareholder, Lehman Brothers.
As part of this restructuring, SkyPower has a commitment of funding for
$15M US that will allow it to transition the business through a quick and
efficient competitive sales process.
"There are several potential bidders who have expressed interest in
purchasing SkyPower's assets," said its President & Chief Executive Officer,
Kerry Adler. "We expect a vibrant process to maximize value for our
stakeholders and preserve the business as a going concern for the employees,
customers and suppliers."
This filing will ensure the short-term stability of the company while
assuring the long-term growth of SkyPower's interests. All SkyPower operations
will remain in operation during this time and SkyPower management remains
responsible for the day-to-day operations of the business.
SkyPower is a leading developer of renewable energy projects. SkyPower
has interests in a substantial number of renewable energy projects at various
stages of development, representing thousands of MW of potential nameplate
capacity. SkyPower is developing significant renewable energy projects in
Canada, the United States, India and Panama. SkyPower drives all phases of
project development including exploration, construction and operation. For
more information, visit www.skypower.com.
For further information:
For further information: Media Relations for SkyPower: Scott Brownrigg,
Sussex Strategy Group, (416) 644-4927, firstname.lastname@example.org