When your business is predicated on accessing the debt markets to scam your way towards cash flow, you’re bound to fail. Such is the case with SUNE. The fall from grace is complete, taking famous hedge fund managers with it, such as David Einhorn.
The company said it needed about $310 million to stay in business, estimating a cash shortfall of $260 million by mid-June. SunEdison said it expected to secure the financing by pledging assets.
In the filing, the company said challenges to its business started developing in the middle of last year, when it pursued acquiring Vivint Solar Inc and it worked on an initial public offering for TerraForm Global, a so-called “yieldco” company it created to hold renewable energy assets.
The company has $12 billion in debt and might pose a problem for a few creditors in the near term.
The aftermath of the great energy collapse of 2015 is born. The ramifications will be grim.
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The company went through too much financial engineering….but I never figured David Einhorn would not have realized this? Really – he still owns this? I thought it was dangerous to be trading the China Solars : JKS & TSL…done with those too!
JASO chart looks dope though. If trading anything other than gutter oil….it would be solar, I think.
Indued. The energy fight to zero is on. Perhaps grandma yellen is a fortune teller of sorts?
By the way, fortune cookie writers need to be fired, all of them. You are doing a shitty job and are not making America great again.