- SunEdison (SUNE) has plunged below $4 as debt/liquidity fears refuse to let up. Today's losses come a day after research firm CreditSights noted the solar/wind project developer had apparently reclassified $739M in debt as recourse debt, thus giving its lenders access to more collateral.
- The selloff also comes after Vivint Solar (VSLR -3.3%) posted a Q3 beat after the close yesterday afternoon. Vivint, which SunEdison remains committed to acquiring in spite of calls for the company to cancel the deal, reported Q3 bookings of 71MW (+15% Y/Y) and installations of 61MW (+24%).
- Meanwhile, Q3 13F filings indicate Dan Loeb's Third Point LLC wasn't alone among hedge funds in selling SunEdison shares last quarter. David Einhorn's Greenlight Capital cut its position by 25% to 18.6M shares; Leon Cooperman's Omega Advisors also lowered its stake, and Stephen Mandel's Lone Pine Capital liquidated.
- Shares are now down 53% since SunEdison's Nov. 10 Q3 report, and 82% YTD. The company's TerraForm Power (TERP -15.7%) YieldCo is also seeing big losses, while its TerraForm Global (GLBL -3.2%) YieldCo is down more moderately.
- Prior SunEdison coverage