SunEdison (SUNEQ) - OTCPK - Limited
  • Thu, Apr. 21, 9:42 AM
    • SunEdison (SUNE +0.8%) has been halted as it's filed for bankruptcy protection.
    • The company listed liabilities of up to $50B in the filing.
    • SunEdison has commitments for new capital of up to $300M of debtor-in-possession financing, which will support day-to-day operations during a reorganization, CNBC says.
    • Updated 9:57 a.m.: It's a Chapter 11 filing made in Manhattan bankruptcy court today. In yieldcos: TerraForm Power (NASDAQ:TERP) is up 4.6%, while TerraForm Global (NASDAQ:GLBL) is up 8.1%.
    • Now read SunEdison's Collapse Should Change The Course Of The Solar Industry »
    | Thu, Apr. 21, 9:42 AM | 225 Comments
  • Wed, Apr. 20, 11:27 AM
    • SunEdison (NYSE:SUNE) is on the rebound today, up 25% (though that's now a mere $0.08/share), following on a revelation that David Einhorn cut his stake below the 5% threshold.
    • Einhorn dropped his interest to 2.8% from 6.8% in January, and his hedge fund Greenlight Capital cut its stake to 1.6% from 4% the same month. The moves may be a capitulation in the stock, just a few months after the company agreed to give former Greenlight exec Claire Gogel a board seat.
    • SunEdison had slipped 5.8% yesterday, after an 8.1% drop on Monday and a 37% fall Friday.
    • In yieldcos, TerraForm Power (NASDAQ:TERP) is up 2% and TerraForm Global (NASDAQ:GLBL) is down 2.3%. TerraForm Power is now the subject of a class action lawsuit from investors who bought stock between last May 7 and March 15 (the day before TerraForm Power missed a second deadline to file its 10-K).
    • Now read SunEdison's Collapse Should Change The Course Of The Solar Industry »
    | Wed, Apr. 20, 11:27 AM | 144 Comments
  • Tue, Apr. 19, 4:27 AM
    • A SunEdison (NYSE:SUNE) bankruptcy could drag in its two publicly traded holding company units, TerraForm Power (NASDAQ:TERP) and TerraForm Global (NASDAQ:GLBL), and will likely be "messy" due to their IPOs and the company's financing web of loans and credit lines.
    • "It's going to add much more complexity than normal," said Brandon Barnes, a senior analyst at Bloomberg Intelligence. "You're dealing with affiliates that may not want to be associated with the parent company."
    • A bankruptcy also has the potential to trigger defaults on multiple wind and solar farms that are generating revenue from selling electricity.
    • SunEdison had total debt of $11.7B as of Sept. 30, according to the last comprehensive figure reported.
    | Tue, Apr. 19, 4:27 AM | 57 Comments
  • Fri, Apr. 15, 5:50 PM
    | Fri, Apr. 15, 5:50 PM | 1072 Comments
  • Fri, Apr. 15, 10:20 AM
    • SunEdison (NYSE:SUNE), which jumped 59% yesterday among its recent volatile trades, is 25.9% lower today as it acknowledges entering bankruptcy loan negotiations.
    • In this morning's 8-K, the company said it and certain of its first and second lien lenders entered into confidentiality agreements on March 17 to discuss debtor-in-possession financing.
    • SunEdison projected $779M in cash use for Q1, and told creditors it would need a $310M loan to fund it through any bankruptcy process.
    • The company is in talks to sell minority positions in its Indian solar projects to Fortum, a utility controlled by the country of Finland.
    • Fortum said it was planning to put €200M-€400M into solar projects in India, and is interested in SunEdison's projects, including a proposed 500-MW plant in Andhra Pradesh. SunEdison has about 600 MW of projects constructed and financed in the country, with plans for another 1,700 MW in the coming year.
    • Now read Brighter Days Ahead For SunEdison »
    | Fri, Apr. 15, 10:20 AM | 194 Comments
  • Thu, Apr. 14, 12:45 PM
    | Thu, Apr. 14, 12:45 PM | 3 Comments
  • Thu, Apr. 14, 7:11 AM
    • "The Independent Directors have determined that as of the date of the independent counsel report, there were no identified material misstatements in the Company’s historical financial statements as well as no substantial evidence to support a finding of fraud or willful misconduct of management, other than with respect to the conduct of one former non-executive employee.
    • "However, the independent counsel materials identified issues with the Company’s overly optimistic culture and its tone at the top. The Independent Directors also identified several specific issues regarding the Company’s cash forecasting and liquidity management practices, including that:
    • "The Company’s cash forecasting efforts lack sufficient controls and processes;
    • "Certain assumptions underlying the cash forecasts provided to the Board by the Company’s management were overly optimistic and a more fulsome discussion of risks and adjustments with the Board was warranted;
    • "The Company’s management has not responded appropriately when forecasted targets were not met; and
    • "The Company lacked sufficient controls and processes regarding the Company’s managing of cash flows, including extensions of accounts payable and the use of cash committed for projects, and related disclosures to the Board were not comprehensive or made on a timely basis.
    • Now read SunEdison Will Survive, It's Simply Too Big To Fail
    | Thu, Apr. 14, 7:11 AM | 176 Comments
  • Wed, Apr. 13, 6:09 PM
    • SunEdison (NYSE:SUNE) -4.8% AH following a Bloomberg report that it missed a ~$2.6M payment earlier this month on convertible bonds.
    • Not making the payment means SUNE likely is in technical default, CreditSights says, and failure to cure the deficiency by the end of the grace period on May 1 "could potentially trigger cross-default provisions in other debt obligations.”
    • SUNE already faces technical defaults on at least $1.4B in loans and credit facilities because of its failure to file its 2015 annual report.
    • Now read Reality check for SunEdison equity holders
    | Wed, Apr. 13, 6:09 PM | 290 Comments
  • Tue, Apr. 5, 12:45 PM
    | Tue, Apr. 5, 12:45 PM | 10 Comments
  • Tue, Apr. 5, 6:20 AM
    | Tue, Apr. 5, 6:20 AM | 52 Comments
  • Mon, Apr. 4, 4:57 AM
    • Are more bankruptcy bells chiming? SunEdison (NYSE:SUNE) is looking to sell all of its Indian assets or find partners for them, sources told the Mint newspaper.
    • The news follows reports that the solar company is preparing a chapter 11 filing and is in talks with two creditor groups to obtain a loan to fund its operations during the process.
    • SunEdison's two yieldcos, TerraForm Power (NASDAQ:TERP) and TerraForm Global (NASDAQ:GLBL), don't plan to file for bankruptcy protection, but bidders are said to have inquired about purchasing SUNE's stakes in both of the entities.
    • Previously: More details about an upcoming SunEdison bankruptcy (Apr. 03 2016)
    | Mon, Apr. 4, 4:57 AM | 114 Comments
  • Sun, Apr. 3, 9:44 AM
    • The company is preparing a chapter 11 filing and is in talks with two creditor groups to obtain a loan to fund its operations during the process, WSJ reports.
    • In one camp are senior bank lenders led by Deutsche Bank. In the other are a group of creditors that participated in a junior-debt offering in January that raised about $725M.
    • SunEdison's (NYSE:SUNE) two yieldcos, TerraForm Power (NASDAQ:TERP) and TerraForm Global (NASDAQ:GLBL), don't plan to file for bankruptcy protection, but their shares represent much of SunEdison's value.
    • In recent months, bidders have also inquired about purchasing SunEdison’s stakes in one or both of the TerraForm entities.
    • Previously: TERP, GLBL drop following report of pending SunEdison bankruptcy filing (Apr. 01 2016)
    • Now read Broader Implications From SunEdison's Impending Bankruptcy
    | Sun, Apr. 3, 9:44 AM | 132 Comments
  • Fri, Apr. 1, 6:49 PM
    • TerraForm Global (NASDAQ:GLBL) is down 13.3% after hours to $2.03, and TerraForm Power (NASDAQ:TERP) down 3.4% to $9.50, following a WSJ report stating parent SunEdison (SUNE - down 54% to $0.20) is preparing to file for Chap. 11 bankruptcy.
    • The paper states SunEdison is in talks with two creditor groups to obtain bankruptcy financing. Creditors are deemed "likely to take control of the company and its portfolio of power projects."
    • Two days ago: TerraForm Power CEO/former SunEdison CFO Wuebbels resigns
    • Now read TerraForm: Life Without SunEdison
    | Fri, Apr. 1, 6:49 PM | 107 Comments
  • Tue, Mar. 29, 12:49 PM
    | Tue, Mar. 29, 12:49 PM | 3 Comments
  • Tue, Mar. 29, 9:18 AM
    | Tue, Mar. 29, 9:18 AM | 3 Comments
  • Tue, Mar. 29, 8:12 AM
    • "There is a substantial risk that SunEdison (NYSE:SUNE) will soon seek bankruptcy protection," says TerraForm Global (NASDAQ:GLBL) in an SEC filing today.
    • The TerraForm disclosure comes hours after the WSJ reported the SEC is probing whether SunEdison overstated its liquidity position last fall.
    • SUNE -35%, GLBL -16%, TERP -7.9% premarket
    | Tue, Mar. 29, 8:12 AM | 36 Comments
Company Description
SunEdison, Inc. engages in the business of semiconductor and solar technology. It develops, manufactures, and sells silicon wafers and photovoltaic energy solutions. It operates through the Semiconductor Materials, TerraForm Power, Inc. and Solar Energy segments. The Semiconductor Materials... More
Sector: Technology
Industry: Semiconductor - Integrated Circuits
Country: United States