Landowner Rights Denied By Moratorium      NY: 8 Years, 11 Months | DRBC: 8 Years, 1 Months
NOTICE: Forum Posts are not to be used as a link-builder to other websites.... Please Read Before Posting.

Author Topic: Biggest U.S. Bankruptcy of the Year?...Can't be...NOT a Renewable Company!  (Read 907 times)

donegal

  • Premium Member
  • Posts: 4974
Well, sorry, but it seems so.  Here's the link:

https://www.kallanishenergy.com/2016/04/22/renewables-giant-sunedison-files-bankruptcy/


Some excerpts: (color mine)

"Renewables giant SunEdison on Thursday filed for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code, Kallanish Energy reports.

SunEdison listed $16.1 billion of debt and $20.71 billion in assets in its bankruptcy filing (reviewed by Kallanish Energy), the debt amount making it the biggest U.S. bankruptcy of the year.

“Our decision to initiate a court-supervised restructuring was a difficult but important step to address our immediate liquidity issues,” SunEdison CEO Ahmad Chatila, said Thursday.

The company will use the bankruptcy process to cut debt and shed “non-core assets,” he said.

SunEdison has commitments for $300 million in debtor-in-possession financing to support day-to-day operations during the reorganization, the money being supplied by a group of first- and second-lien lenders.Missouri, Vivint Solar

Two years ago, Maryland Heights, Missouri-based SunEdison began buying up wind and solar projects, to meet growth targets needed for dividends.

Initially, the market responded positively, ... after the company announced plans to purchase Vivint Solar last July at a 52% premium, investors started balking.

At $2.2 billion, the Vivint buy would have been SunEdison’s biggest deal. Vivint also would have been a different animal for SunEdison, as it installs rooftop solar systems, while SunEdison’s other acquisitions  installed primarily large, utility-scale power plants.

The deal was delayed, renegotiated down to $1.9 billion and finally canceled in March. When SunEdison lost the financing to back the deal because of its initial failure to file an annual earnings report, the company couldn’t close the sale, leaving analysts wondering whether a lawsuit would drive it into bankruptcy. Shares have since plunged to less than 40 cents."


Now that doesn't necessarily mean that there isn't money in Renewables.......jus' not sure which way it's goin'........

Donegal
We finally scuttled the Exxon Valdez (for the second time in her life), and turned in at the boatyard the ol'  gray Bismarck before she sank too..  Now I'm Captain of the most beautifulest boat ever, the "HMS HOOD", a 2012 stealth black AWD V-8 Chrysler 300.

Rockdale

  • Anties
  • Posts: 5958
Donegal, as far as I know the secret to the renewable energy business is always to be lined up for the maximum of subsidies offered by the Federal, State, and occasionally local governments.  If you've got all those ducks in a row you will make money even if the electrical power gotten from the solar panels, wind generators, etc. is non-competitive in price with what's already on the market.  This is a big "green" company that's gone into bankruptcy, and I suspect the back story is that they didn't get the subsidies for at least part of their operations that they were dependent upon.  A possible plus for the natural gas producers might be that if uneconomic and basically useless solar and wind facilities are shut down as part of a restructuring of this company that they will turn instead to something that does make economic sense, electricity made by burning natural gas.

Wax

  • Posts: 5733
Are the Executives Bankrupt ?  slaplaugh

SUNEDISON INC

Compensation by Company

For its 2014 fiscal year, SUNEDISON INC, listed the following executives on its annual proxy statement to the SEC

Name and Title
Shaker Sadasivam
President and Chief Executive Officer, SunEdison Semiconductor Limited
$4,142,142
Ahmad Chatila
President and Chief Executive Officer
$7,707,079
Brian Wuebbels
Executive Vice President, Chief Administration Officer and Chief Financial Officer
$3,073,197
Carlos Domenech
President and Chief Executive Officer TerraForm Power, Inc.
$2,556,478
David Ranhoff
Senior Vice President; President Solar Materials
$1,721,508
Equity
Cash Compensation
Other

malurker

  • Posts: 2
This is very funny.  Why have i not heard this on the new?  Thanks Wax 

 


If you find this site useful, you can donate using the PayPal button