SunEdison Files for Chapter 11 Bankruptcy Protection

Source: Wall Street Journal

Solar-energy company SunEdison Inc. on Thursday said it filed for chapter 11 bankruptcy protection, a dramatic move for a company whose market value stood at nearly $10 billion in July.

SunEdison said its publicly traded so-called yieldcos, TerraForm Power Inc. and TerraForm Global Inc., aren't part of the filing.

“Our decision to initiate a court-supervised restructuring was a difficult but important step to address our immediate liquidity issues,” said Chief Executive Ahmad Chatila. “The court process will allow us to right-size our balance sheet and reduce our debt.”

He said the process will also help the company transform “into a more streamlined and efficient operator, shedding noncore assets as well as taking other steps to help us get the most value out of our technological and intellectual property.”

<more>

Read more: http://www.wsj.com/articles/sunedison-files-for-chapter-11-bankruptcy-protection-1461247026