Sun Edison on the verge of bankruptcy | Alternative Energy

Sun Edison on the verge of bankruptcy

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31 Mar ’16 - 10:04 am

Wonder what impact this will have on the solar market

U.S. solar energy company SunEdison Inc (SUNE.N), whose aggressive acquisition strategy has saddled it with almost $12 billion of debt, is at "substantial risk" of bankruptcy, one of its two publicly listed units warned on Tuesday.

A bankruptcy would rank among the largest involving a non-financial company in the past 10 years, according to bankruptcydata.com. SunEdison declined to comment.

SunEdison's shares - already reeling from a Wall Street Journal report on Monday that the company was being investigated for overstating its cash position - fell as much as 60 percent to a record low of 50 cents.

TerraForm Global Inc (GLBL.O), one of two SunEdison "yieldcos", said in a regulatory filing that it would join its parent and fellow yieldco TerraForm Power Inc (TERP.O) in delaying its annual report for the year ended Dec. 31. (1.usa.gov/22X8xDu)

However, the company said it did not rely substantially on SunEdison for funding or liquidity and that it would have sufficient liquidity to support its operations even if its parent sought bankruptcy protection.

more http://www.reuters.c.....SKCN0WV160

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16 Apr ’16 - 9:33 am

looks like they are

SunEdison, which grew from making chemicals and components for solar modules to become a giant of the renewable energy business, is preparing for bankruptcy, according to a filing with regulators on Friday.

The filing signaled the potential end to SunEdison’s ambition to become the world’s leading renewable energy development company. And it comes after the fall of another clean energy company, Abengoa, which is going through proceedings in the United States and Spain as it seeks to avoid becomingthat country’s largest corporate failure.

In the end, SunEdison’s fall offers a cautionary tale on the dangers of trying to grow in too many directions at once, analysts said.

“They got ahead of themselves,” said Walter Nasdeo, managing director at Ardour Asset Management, a clean energy investor. “It’s a mess.”

According to the filing, made with the Securities and Exchange Commission, the company is negotiating with creditors to finance its restructuring in a potential bankruptcy filing.

more http://www.nytimes.c.....uptcy.html

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21 Apr ’16 - 6:52 pm

And they did, wonder if they are going to make it out of bankruptcy whole

SunEdison, once the fastest-growing U.S. renewable energy company, filed for Chapter 11 bankruptcy protection on Thursday as years of debt-fueled acquisitions proved unsustainable.

This story is developing. Please check back for further updates.

In its bankruptcy filing, the company said it had assets of $20.7 billion and liabilities of $16.1 billion as of Sept. 30.

The company said its two publicly traded subsidiaries, TerraForm Power and TerraForm Global, were not part of the bankruptcy.

The company said it secured up to $300 million in new financing from its first-lien and second-lien lenders, which is subject to court approval. The money will be used to support SunEdison's operations during its bankruptcy, such as paying wages and vendors, and proceeding with ongoing projects.

http://www.cnbc.com/.....eport.html