Skip to main content

Market Overview

SunEdison's Bankruptcy Announcement Imminent: Report

Share:
SunEdison's Bankruptcy Announcement Imminent: Report

Reuters reported Friday evening that Sunedison Inc (NYSE: SUNE) is preparing to file for bankruptcy as soon as Sunday evening.

Reuters, citing a "person familiar with the matter," suggested that the timing of the bankruptcy hasn't been finalized yet. The company already said it requires $310 million to remain in business and expects a cash shortfall of $260 million by mid-June.

Related Link: SunEdison Discloses Lenders Presentation, Includes Line Item For Bankruptcy Expenses

Meanwhile, SunEdison's yieldcos, TerraForm Global Inc (NASDAQ: GLBL) and TerraForm Power Inc (NASDAQ: TERP) have hired financial and legal advisors to help prepare the entities with a contingency plan should SunEdison file for bankruptcy.

The yieldcos rely on SunEdison to make interest payments for them along with back office functions, Reuters noted.

SunEdison is down more than 4 percent since Friday's close, trading at $0.354.

 

Related Articles (SUNE)

View Comments and Join the Discussion!

Posted-In: Solar Stocks SunEdison Sunedison Bankruptcy SunEdison YieldCosNews Rumors Commodities Markets Best of Benzinga

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com