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For the most part, the market is waiting for SunEdison, the world’s largest renewable-energy company, to file for bankruptcy any day now.
In the meantime, reports like this can’t help.
Researcher CreditSights reported on Wednesday that the company, which is carrying around $11 billion in debt, may have already defaulted on one of its payments due April 1. It was a $2.6 million payment on 2018 bonds.
CreditSights confirmed that the payment was not made through investors and Bloomberg.
SunEdison has a grace period to pay until May 1. It has declined to comment on the matter.
In the meantime, two significant things have happened to SunEdison, a former Wall Street darling that revealed its incredibly precarious cash position during a disastrous attempt to acquire Vivint Solar in July.
First, an internal committee found that there were some issues around the company’s accounting reporting, and “also identified wrongdoing by a former non-executive employee of the Company in connection with negotiations over the termination of the Vivint Solar, Inc. acquisition. The Company terminated the employee promptly after the Company became aware of the wrongdoing.”
To recap, that means SunEdison says its accounting had problems, but they weren’t made with malicious intent. Also, one of the sources of its problems is gone. So nothing to see there. The stock is up 63% on that news.
That said: The SEC is also investigating SunEdison’s accounting during that period, so we’ll see what the regulator has to say about that.
The second signficant thing going on is that Reuters is reporting that SunEdison is trying to raise some cash by selling minority stakes in its Indian solar projects.
If that happens, it’s good news any way you slice it.