This is making the rounds today. Apparently, SUNE is trying to pull a fast one on the market by reclassifying $700 million in debt from non-recourse to recourse.
Here’s CreditSights:
When updating our SunEdison debt tracking spreadsheet we noticed SunEdison subtelety [sic] reclassified its $403 million Margin Loan and $336 million Exchangeable Notes as suddenly recourse switching … from the non-recourse disclosure used in the [second quarter of 2015] 10-Q filing. We are not accountants and realize this might be sufficient disclosure but we are fairly confident many investors missed the dropped foornote “(a)” … It is also entirely possible this is just a typo but since SunEdison stopped returning our emails and phone calls over a month ago we have no way to confirm this.
None of this has been confirmed and it’s not a smoking gun until someone gets shot. Well, judging by the share performance, one could argue that lots of people have been shot long this steaming pile of shit.
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