SunEdison, Inc.OTCPK - Limited
Vivint Solar Earnings Raises Concerns For Several Industry Players
EnerTuition • 49 Comments
EnerTuition • 49 Comments
SunEdison Devco Breakeven Quarter?
Husker Investing • 28 Comments
Husker Investing • 28 Comments
Tue, Sep. 13, 8:57 AM
- NRG Energy (NYSE:NRG) has won the auction for bankrupt SunEdison's (OTCPK:SUNEQ) wind and solar projects in Texas and other states with a $144M bid.
- The sale is one of several that SUNE is holding since filing for Chapter 11 bankruptcy protection in April after an unsuccessful debt-backed acquisition drive.
- The bankruptcy judge will hold a hearing to approve the NRG bid on Thursday.
Tue, Sep. 6, 7:11 PM
- A hurdle in SunEdison's (OTCPK:SUNEQ) efforts to sell some projects in Hawaii and California is eliminated, as creditors D.E. Shaw and Madison Dearborn Capital Partners agree not to block the planned sale.
- The creditors also cancel a December agreement that had called for SUNE to transfer some assets to them, but was never completed.
- The new agreement - which SUNE plans to present to the bankruptcy court judge on Sept. 8 for his approval - comes about six weeks after the bankruptcy court approved SUNE’s $80M planned sale of its equity interests in the Mount Signal 2 solar project in Imperial Valley to Shaw.
Mon, Aug. 29, 1:57 AM
- D.E. Shaw & Co is weighing a bid for SunEdison's (OTCPK:SUNEQ) controlling stake in TerraForm Power (NASDAQ:TERP), the bankrupt renewable energy producer's most valuable asset, Reuters reports.
- The hedge fund and its affiliates already own some TERP common shares after receiving them in an agreement announced last year upon forgiving debt owed by SunEdison.
- Appaloosa Management and Brookfield Asset Management (NYSE:BAM) have separately announced plans to jointly bid on the so-called "Class B" shares of TerraForm Power.
Sun, Aug. 28, 4:50 PM
- GCL-Poly says in a filing it has agreed to buy SunEdison's (OTCPK:SUNEQ) polysilicon business, its subsidiaries including SunEdison Products Singapore, MEMC Psadena, Solaicx, and its shares in SMP, a Korea JV.
- GCL lists the "target assets" as "solar materials businesses including relevant platform, people, intellectual property processes and advanced manufacturing technology to (i) enhance its research and development on electronic grade granular polysilicon on FBR technology; (ii) increase its production capacity of electronic grade granular polysilicon; (iii) substantially improve pulling efficiency and quality of its single crystalline ingots production with SunEdison’s proprietary technology; (iv) reduce the production costs of single crystalline ingots and electronic grade granular polysilicon with SunEdison’s advanced manufacturing technology; and (v) maintain the cost advantage and competitiveness the Group currently has in producing solar materials by securing the relevant patents."
- Deal is worth a cash consideration of $150M on a cash-free, debt-free basis.
- $50M of the cash consideration will be funded into escrow accounts and distributed back to GCL (OTCPK:GCPEF, OTC:GCPEY) if certain post-closing conditions are not satisfied.
- It is unclear what effect, if any, the deal will have on the company's shareholders.
Fri, Aug. 12, 8:43 AM
- Shareholders will not get an official voice in the bankruptcy of SunEdison (OTCPK:SUNEQ) because the company is "hopelessly insolvent," according to the bankruptcy judge presiding over the Chapter 11 case.
- The decision to deny a request for an official committee to represent shareholders in the case follows a court fight aimed at proving SUNE has enough value left to offer hope that shareholders would avoid a wipeout in bankruptcy.
- The judge says it is "substantially unlikely" that SUNE would be able to pay off its debts, and the company would come up $1B-$2.5B short even working with book values on paper and estimates of what asset sales would bring.
Thu, Aug. 11, 8:54 AM
- SunEdison (OTCPK:SUNEQ) yieldcos TerraForm Power (NASDAQ:TERP) and TerraForm Global (NASDAQ:GLBL) say they will delay filing their Q2 earnings reports (I, II).
- TERP and GLBL both say they had found material weaknesses in their internal controls over financial reporting due to SUNE, which had delayed its own filings after identifying material weaknesses in its financial reporting.
- The companies also have not yet filed their 2015 Form 10-K report or their 10-Q reports for Q1 2016.
Tue, Aug. 9, 4:54 PM
- SunEdison (OTCPK:SUNEQ) has filed papers in its chapter 11 bankruptcy case outlining plans to sell a number of North American solar- and wind-power projects to NRG Energy (NYSE:NRG) for $144M, subject to higher bids.
- SUNE wants to declare NRG’s renewable energy unit the stalking horse bidder in a sale process that would include a Sept. 6 deadline for bids, Sept. 9 auction and Sept. 15 court hearing to approve the winning bid.
- The value of NRG’s bid could climb to $188M, as it includes the potential for SUNE to collect up to $44M after the sale closes depending upon the achievement of certain milestones related to the projects.
Thu, Aug. 4, 7:59 AM
- SunEdison (OTCPK:SUNEQ) says it plans to stop making interest payments on behalf of its two yieldcos, TerraForm Global (NASDAQ:GLBL) and TerraForm Power (NASDAQ:TERP), due to its Chapter 11 proceedings; SUNE does agree to pay interest on senior notes issued by GLBL and TERP.
- The two yieldcos say they will contest SUNE's "invalid" decision, but that they would be able to continue to service their debt with current liquidity and cash flow from operations.
Mon, Jul. 25, 7:15 AM
- SunEdison (OTCPK:SUNEQ) unit TerraForm Power (NASDAQ:TERP) has adopted a shareholders rights plan to prevent any sale of a significant number of Class A shares in the company by its bankrupt parent.
- The poison pill will be triggered if a party takes 15% ownership of TerraForm Power.
- Separately, SunEdison said it was working collaboratively with its two yieldcos to explore "value creation options" for the companies' Class B shares.
- TERP +4% premarket
- Previously: Brookfield, Appaloosa to make joint bid for SunEdison's TerraForm stake (Jul. 22 2016)
Fri, Jul. 22, 6:26 PM
- TerraForm Power (NASDAQ:TERP) +3.2% AH after Brookfield Asset Management (NYSE:BAM) discloses that it and Appaloosa Management will team up to bid for SunEdison's (OTCPK:SUNEQ) stake in TERP.
- BAM is TERP's largest shareholder, with 11.1M class A shares, a ~12.1% stake, and has entered into swap agreements to potentially buy nearly 11.6M additional shares, which gives it a 24.8% stake.
- Appaloosa is TERP's third ranking owner, with 8.7M shares, or 9.5%.
Thu, Jul. 14, 4:37 PM
- SunEdison’s (OTCPK:SUNEQ) assets in bankruptcy are now worth $1B-$1.5B, replacing an $850M estimate offered last month and based in part on recent offers to buy some of its solar and wind farms, a company financial adviser testified today in a Manhattan federal court Thursday.
- The new price tag also factors in recent rises in the shares of SUNE’s two yieldcos; the company holds controlling stakes in both yieldcos, which were set up to buy energy projects that SUNE develops.
- The bankruptcy court is being asked to consider whether enough money would be left to repay shareholders after SUNE deals with $4B-$5B in debt.
- A deadline for the company to present lenders with a liquidation proposal or reorganization plan has been extended past June 28, although a new date has not been made public.
Wed, Jun. 29, 2:09 PM
- TerraForm Power (TERP +10.9%) surges higher after Brookfield Asset Management (BAM +2.1%) discloses a 12.13% active stake; TerraForm Global (GLBL +2.9%) shares also are enjoying a lift.
- BAM's aggregate exposure, which consists of 11M-plus class A shares and more than 11.5M notional shares via swap agreements totals ~24.82% of TERP's outstanding class A shares, according to the filing.
- BAM also is making efforts to acquire shares owned by SunEdison (OTCPK:SUNEQ), citing the investment opportunity and its belief that the Issuer will require operating and financial sponsorship.
Wed, Jun. 29, 8:36 AM
- SunEdison (OTCPK:SUNEQ) names Philip Gund as its new CFO, replacing Ilan Daskal, who has resigned from the company after taking the position just three months ago.
- Gund is a senior managing director of Ankura Consulting Group and a former chief restructuring officer for prepaid phone-card company Vivaro Corp.
- Managing director Salvatore LoBiondo is named corporate controller, a post that has been open since the beginning of the company’s bankruptcy process.
- President and CEO Ahmad Chatila resigned his duties just last week.
Wed, Jun. 22, 4:36 PM
- SunEdison (OTCPK:SUNEQ) says President and CEO Ahmad Chatila has resigned, effective immediately, and appoints John Dubel as the new CEO.
- Dubel has been SUNE's Chief Restructuring Officer since April, and will continue in that role; he has more than 30 years' experience advising boards and companies on restructuring issues.
- Chatila served as President and CEO since 2009, and led the company through a two-year $3.1B acquisition spree while racking up $16B in liabilities; he had previously served 16 years at Cypress Semiconductor.
Fri, Jun. 10, 2:38 PM
- A bankruptcy court has signed off on SunEdison's (OTCPK:SUNEQ +9.3%) ability to receive "debtor-in-possession (DIP) financing in the form of new capital totaling up to $300 million provided by a consortium of first and second lien lenders."
- The funds will be made available to SunEdison to allow it to "support its continuing business operations, minimize disruption to its worldwide projects and partnerships, and make necessary operational changes." The company was reported on Tuesday to have reached terms for a $1.3B operating loan.
Tue, Jun. 7, 5:31 PM
- SunEdison (OTCPK:SUNEQ) has told the judge presiding over its bankruptcy the company has agreed to terms for a $1.3B debtor-in-possession operating loan, after haggling over final terms.
- The judge still has to sign off on the loan. Last month, investors in non-bankrupt SunEdison units voiced objections to the company's loan plans, arguing the units shouldn't have to provide credit support for the loan.