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CORRECTED-UPDATE 1-SunEdison gives Einhorn's Greenlight Capital a board seat

Published 2016-01-27, 11:08 a/m
© Reuters. CORRECTED-UPDATE 1-SunEdison gives Einhorn's Greenlight Capital a board seat
TERP_old
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(Corrects third paragraph to say Greenlight Capital's stake in
SunEdison is 6.8 pct, not 4 pct; drops incorrect reference to
Einhorn holding 4 pct stake)
Jan 27 (Reuters) - SunEdison Inc SUNE.N added a former
partner from David Einhorn's Greenlight Capital to its board,
bowing to pressure from the hedge fund, which has sought a sale
of the solar company or some of its assets.
Shares of the company, which is also under attack from David
Tepper's Appaloosa Management LP, rose about 1 percent to $3.09
in premarket trading on Wednesday.
Greenlight had a 6.8 pct stake in SunEdison as of Jan. 15,
according to a regulatory filing on Jan. 25.
(1.usa.gov/1ZZKLsg)
Einhorn lost 20.6 percent in 2015 as a bet on SunEdison
cratered in November.
Claire Gogel will join SunEdison's board as an independent
director, effective immediately, the company said on Wednesday.

Under a deal with Greenlight, SunEdison also agreed to amend
its bylaws such that it will not be allowed to issue equity for
a period of two years without the approval of nearly all of its
board members.
Appaloosa filed a lawsuit earlier this month to prevent
SunEdison's yieldco, TerraForm Power Inc TERP.O , from buying
some of Vivint Solar Inc's VSLR.N assets after SunEdison
acquires the rooftop panel installer.
Up to Tuesday's close, SunEdison's shares had fallen 90
percent since the Vivint deal was announced in July last year.

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