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Report: Sunedison May Sell Indian Assets

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Shares of Sunedison Inc (NYSE: SUNE) crashed more than 40 percent on Monday and hit a new all-time low of $0.20 after reports surfaced the company plans on filing for bankruptcy protection in the coming weeks.

Facing the looming prospect of bankruptcy, Sunedison is said to have placed all of its India assets for sale, according to Live Mint, an India-based business news publication.

Related Link: SunEdison Nears Penny Territory After Bankruptcy Report, Pass Under Gordon Johnson's $0.22 Price Target

Live Mint, citing "two people familiar with the matter," reported that Sunedison is shopping for buyers for its India assets or looking to find equity investors for them.

SunEdison has won around 1,000 MW of solar and wind projects in India over the past few months, Live Mint noted. The Indian market appears to be lucrative given the government's target of installing 100 GW of solar power capacity and 60 GW of wind energy capacity by 2022.

"We are working with various potential equity partners for our projects because of the overall liquidity crunch," said Pashupathy Gopalan, president Asia Pacific at SunEdison, told Live Mint.

 

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Posted-In: Live Mint Pashupathy Gopalan SunEdison Sunedison Bankruptcy SunEdison IndiaNews Rumors Asset Sales

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