SunEdisonInc. is looking for competing offers for wind turbines it is tryingto sell in bankruptcy after the renewable energy developer received a stalkinghorse bid from BayWa r.e. WindLLC.
SunEdison, which filed for Chapter 11 protection in New Yorkin April, is trying to sell 15 General Electric Co. turbines before the end of 2016,when associated tax credits will be lost or reduced in value. The warehousedequipment is also losing value as newer models become available, SunEdison said.
BayWa r.e. Wind LLC, a subsidiary of , offered nearly $11.9 millionfor the turbines. Competing bids are due by Nov. 11.
"Due to the Debtors' financial condition and despiteongoing efforts to stabilize its business, the Debtors are not currentlypositioned to commence the development of new wind projects," SunEdisonsaid in an Oct. 8 filing in U.S. Bankruptcy Court for the Southern District ofNew York.