SunEdison files for Chapter 11 bankruptcy protection

SunEdison, once the fastest-growing US renewable energy company, filed for Chapter 11 bankruptcy protection on Thursday as years of debt-fuelled acquisitions proved unsustainable. In its filing, the company said it had assets of $20.7 billion and liabilities of $16.1 billion as of September 30th.

The firm said its two publicly traded subsidiaries, TerraForm Power and TerraForm Global were not part of the bankruptcy.

It said it secured up to $300 million in new financing from its first-lien and second-lien lenders, subject to court approval. The money will be used to support SunEdison’s operations during its bankruptcy.

He said the company planned to use Chapter 11 to reduce debt, shed non-core operations and get the most value out of its technology and intellectual property.– (Reuters)