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
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
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
Tue, Apr. 5, 12:45 PM
Tue, Apr. 5, 6:20 AM
- TerraForm Global (NASDAQ:GLBL) just filed a copy of its lawsuit against SunEdison (NYSE:SUNE) with the SEC.
- Now read SunEdison Is The Canary In The Coal Mine For Solar Energy »
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)
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
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
Tue, Mar. 29, 12:49 PM
Tue, Mar. 29, 9:18 AM
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
Mon, Mar. 28, 12:47 PM
Mon, Mar. 28, 9:15 AM
Wed, Mar. 23, 12:47 PM
- Stifel's Sven Eenmaa has suspended his firm's Hold rating on SunEdison (SUNE -10.7%) in the wake of yesterday's Debtwire report about debtor-in-possession (DIP) financing talks with creditors regarding $725M worth of second-lien loans. The DIP facility would reportedly produce $300M worth of post-petition liquidity.
- Eenmaa thinks the report creates further uncertainty regarding SunEdison's liquidity, and that (with the company's 10-K filing delayed) there aren't any firm financial statements that can be used to evaluate SunEdison's finances.
- Deutsche suspended its Buy rating on SunEdison earlier this month. Shares are $0.12 above a low of $1.21 (set on Feb. 24).
Wed, Mar. 23, 9:16 AM
Tue, Mar. 22, 12:56 PM
- Debtwire reports SunEdison (SUNE -13.4%) is in debtor-in-possession (DIP) talks with creditors related to $725M in second-lien loans.
- The embattled solar/wind project developer had $11.7B in debt at the end of Q3 to go with $2.4B in cash, and has been trying hard to deleverage and de-risk its balance sheet. SunEdison's Q4 report and 2015 10-K filing are on hold, as the company works to address (as stated last week) "material weaknesses in its internal controls over financial reporting."
Tue, Mar. 22, 12:41 PM