- Published: 08 September 2009 08 September 2009
In order to facilitate the transition of the company through a sale process, SkyPower Corp, a Lehman Brothers company, has filed for restructuring under the terms of the Companies’ Creditors Arrangement Act (CCAA)..
SkyPower is a Canadian developer of renewable energy projects with 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 US$ 15 million that will allow it to transition the business through a quick and efficient competitive sales process. According to CEO Kerry Adler there are several potential bidders who have expressed interest in purchasing SkyPower's assets. All SkyPower operations will remain in operation during this time and SkyPower management remains responsible for the day-to-day operations of the business.