No shocker here…
SunEdison (NYSE: SUNE) shares plunged over 40% Tuesday after unit TerraForm Global (NASDAQ: GLBL) stated that “due to SunEdison’s liquidity difficulties, there is a substantial risk that SunEdison will soon seek bankruptcy protection.”
In addition, the Wall Street Journal reported overnight that the SEC is investigating SUNE’s “disclosures to investors about how much cash the solar-power company had on hand as its stock price collapsed last year.”
Last week we highlighted that the company was in talks with holders of its second-lien loans to fund a debtor-in-possession (DIP) financing facility.
Bankruptcy appears to be a forgone conclusion at this point. Now it is just a waiting game.