SUNEQ
SunEdison, Inc.OTCPK - Limited
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  • Thu, Jun. 2, 2:19 PM
    • TerraForm Global (GLBL -4.1%) and TerraForm Power (TERP -0.2%) get notices of default from bondholders for failing to file their 2015 audited financial statements on time, according to SEC filings (I, II).
    • Delivery of the notices on May 31 starts the clock ticking on a 90-day period that could leave the companies at the mercy of lenders.
    • TERP's default warning notices involve $1.25B worth of bonds, while GLBL received a default notice from the trustee for the bondholders for $760M worth of senior notes.
    • The two companies have previously said the delays are due in part to SunEdison (OTCPK:SUNEQ), which provides systems needed to complete the reports.
    • The TerraForm companies are major creditors of SUNE, which filed for Chapter 11 bankruptcy in April.
    | Thu, Jun. 2, 2:19 PM | 120 Comments
  • Fri, May 20, 2:52 AM
    • A scheduled hearing regarding SunEdison's (OTCPK:SUNEQ) $300M bankruptcy loan in the U.S. Bankruptcy Court for the Southern District of New York has been moved to today.
    • Some of SunEdison's creditors and its yieldcos, TerraForm Global (NASDAQ:GLBL) and TerraForm Power (NASDAQ:TERP), had objected to the debtor-in-possession loan, which includes features that may help a group of lenders recoup their initial investment.
    | Fri, May 20, 2:52 AM | 83 Comments
  • Fri, May 13, 3:08 AM
    • A unit of TerraForm Global (NASDAQ:GLBL) has 90 days to issue its delinquent annual report or it could face demands to pay off hundreds of millions in debt six years early, partly because bankrupt parent SunEdison (OTCPK:SUNEQ) hasn't filed its own financial statement.
    • Holders of bonds issued by TerraForm Global Operating LLC sent a notice of default on the yieldco's 9.75% senior notes due in 2022, according to law firm Willkie Farr & Gallagher. The group represents more than 25% of aggregate principal of the notes.
    | Fri, May 13, 3:08 AM | 62 Comments
  • Tue, May 10, 3:51 PM
    • Investors in non-bankrupt business units of SunEdison (OTCPK:SUNEQ) today filed limited objection to company’s planned Chapter 11 operating loan.
    • Two parties, which combined own 59% of preferred membership units of TerraForm Private LLC, a non-bankrupt unit of SunEdison, say that Terraform Private LLC, which owns power generation project companies, shouldn’t have to provide credit support for the loan, and that none of Terraform Private entities can encumber their assets without consent of preferred membership holders, from “which consent is not forthcoming.”
    • Now read Why First Solar Will Continue To Dominate In The Solar Industry »
    | Tue, May 10, 3:51 PM | 21 Comments
  • Tue, May 10, 9:43 AM
    | Tue, May 10, 9:43 AM | 19 Comments
  • Fri, Apr. 22, 4:08 AM
    • SunEdison (NYSE:SUNE) is vowing to to press ahead with plans to build solar projects across India, despite filing for Chapter 11 on Thursday after a $3.1B acquisition binge left it swimming in debt.The bankruptcy excluded India - the clean-power giant's largest market outside the U.S.
    • "Nothing really has changed other than that we will look for equity partners," said Pashupathy Gopalan, president of SunEdison Asia Pacific.
    • While two of its best known companies, TerraForm Power (NASDAQ:TERP) and TerraForm Global (NASDAQ:GLBL), are not part of the bankruptcy, SunEdison acknowledged responsibility for some of their debt in court papers.
    | Fri, Apr. 22, 4:08 AM | 58 Comments
  • Thu, Apr. 21, 2:25 PM
    • In twin statements just released, sister companies and SunEdison (NYSE:SUNE) subsidiaries TerraForm Power (TERP +5.4%) and TerraForm Global (GLBL +9.6%) remind investors that they're not included in SunEdison's voluntary bankruptcy filing made today in Manhattan.
    • They have "no plans to file for bankruptcy themselves" and the equity interests in their wind and solar power plants are not available to satisfy claims by creditors of SunEdison.
    • Bankruptcy will present challenges, but the companies say they believe they have sufficient liquidity to operate. TerraForm Power says it hasn't identified any significant power purchase agreement allowing for termination in this situation; TerraForm Global says "the majority" of PPAs don't include such provisions.
    • SunEdison shareholder FAQ
    • Now read How TerraForm Global May Salvage Its $231 Million Indian Disaster » and SunEdison Bankruptcy Winners And Losers »
    | Thu, Apr. 21, 2:25 PM | 77 Comments
  • Thu, Apr. 21, 10:18 AM
    • SunEdison's (NYSE: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 »
    | Thu, Apr. 21, 10:18 AM | 208 Comments
  • 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