SunEdison Has Received Court Approval Of First Day Motions

Sunedison Inc (OTC: SUNEQ) announced after Friday's market close that a U.S. Bankruptcy Court granted the relief it requested in key first day motions related to ordinary course business activities.

SunEdison added that the decision includes the continuation of employee wages and benefits, work on ongoing projects and several vendor payments.

However, some of these motions were granted on an interim basis with as a final hearing is scheduled for May 10.

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SunEdison noted that the court also granted the interim approval to access up to $300 million in debtor-in-possession financing from a consortium of first and second lien lenders to support its business operations.

Shares of the OTC-listed stock were trading lower Monday morning by 1 percent at $0.217.