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SunEdison's Chatila: Bankruptcy 'difficult but important'

Apr. 21, 2016 10:18 AM ETSunEdison, Inc. (SUNE) StockTERP, GLBL-OLD1, SUNEBy: Jason Aycock, SA News Editor208 Comments
  • SunEdison's (SUNE) bankruptcy is one of the biggest (for a nonfinancial firm) in the past decade.
  • The company's Chapter 11 filing in Manhattan notes it had assets of $20.7B and liabilities of $16.1B as of Sept. 30, after the company pursued a multibillion-dollar acquisition spree over the past couple of years. Current liabilities were listed at up to $50B, Bloomberg noted.
  • The move is a "difficult but important step" to address liquidity, CEO Ahmad Chatila says. "The court process will allow us to right-size our balance sheet and reduce our debt, providing the opportunity to support the business going forward while focusing on our core strengths. It also will facilitate our continued work towards transforming the Company into a more streamlined and efficient operator, shedding non-core assets as well as taking other steps to help us get the most value out of our technological and intellectual property."
  • The company faces some two dozen legal claims, mainly from shareholders claiming misleading information. The Justice Dept. and SEC are investigating the firm over the failed Vivint Solar deal.
  • SUNE shares were halted just after the open for the news. In yieldcos: TerraForm Power (NASDAQ:TERP) up 7.5%; and TerraForm Global (NASDAQ:GLBL) up 10.1%.
  • Now read Lessons From The Fall Of SunEdison »

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