The stock market and SunEdison shareholders are moving past the denial and bargaining phase of grief and coming to accept the harsh reality of a SunEdison bankruptcy.
SunEdison stock continues its epic collapse, settling at a new low of 24 cents per share in after-hours trading this weekend, upon reports from The Wall Street Journal that the beleaguered solar developer intends to file for Chapter 11 bankruptcy protection this month.
Bankruptcy is not a surprise to anyone that’s been watching closely — but the actuality of the human and financial scale of this implosion is breathtaking.
According to anonymous sources, the firm is in talks with two creditors to gain operating cash to keep the company alive during the bankruptcy filing period.
The WSJ reported that creditors including senior bank lenders led by Deutsche Bank “are likely to take control of the company and its portfolio of power projects.” Another group of creditors includes the hedge funds that joined in a $725 million junior-debt offering earlier this year.
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