SUNE SUNEQ - SunEdison

Discussion in 'Penny Stocks' started by Stockaholic, Mar 31, 2016.

  1. Zaysev

    Zaysev Member

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    I wonder if there are stories of opposite outcomes? And which happens more often?
     
  2. StockJock-e

    StockJock-e Brew Master
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  3. StockJock-e

    StockJock-e Brew Master
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    @investorslive Nathan said it best :D

     
  4. Zaysev

    Zaysev Member

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    My guess is a, since after the fraud they probably have some money left to start over or create another company :D
     
  5. StockJock-e

    StockJock-e Brew Master
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    SUNE giving some back this morning, roller coaster ride continues
     
  6. StockJock-e

    StockJock-e Brew Master
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    SunEdison Enters Bankruptcy Loan Negotiations With Its Lenders
    http://www.bloomberg.com/news/artic...tiations-with-its-lenders?cmpid=yhoo.headline

    SunEdison Inc., the world’s biggest clean-power developer, is talking with creditors about restructuring financing, though it said the discussions are ongoing and there’s "no assurance" they will result in a deal.

    The company and its first- and second-lien lenders entered into a confidentiality pact on March 17 for the financing transactions in a potential bankruptcy filing, the company disclosed in a regulatory filing to the Securities and Exchange Commission, which included a 34-page slide presentation to creditors.

    The company will require a $310 million loan to fund it through a potential bankruptcy process, according to estimates in the March 17 presentation. The company projected using a total of $779 million in cash for the first quarter. It said it expects to reduce headcount by 50 percent from their October 2015 base with additional $150 million of non-labor savings.

    Restructuring financing or debtor-in-possession loans, also known as DIP loans, give lenders control over the restructuring process.

    The company’s publicly traded yieldco units TerraForm Global Inc. and TerraForm Power Inc. have both previously warned that there’s “substantial risk SunEdison will soon seek bankruptcy protection.” The company hired Skadden, Arps, Slate, Meagher & Flom as legal adviser and Houlihan Lokey as financial adviser for a potential restructuring.

    The negotiations come as SunEdison faces default on at least $1.4 billion in loans and credit facilities, and after it failed to make a $2.6 million interest payment on its 2 percent convertible bonds maturing in 2018. The company is teetering on the edge of bankruptcy and analysts said the disclosure may please creditors.

    On Thursday, SunEdison said an independent counsel hired by its board identified “wrongdoing” by a former non-executive employee and an “overly optimistic” culture fostered by management.

    The company said counsel didn’t identify material misstatements in its financial statements nor did it find substantial evidence of fraud or willful misconduct by management, according to a filing.

    SunEdison spent much of 2014 and 2015 on a multi-billion-dollar buying binge, snapping up wind and solar projects and developers on six continents. It also racked up almost $11.7 billion in debt, as of Sept. 30.
     
  7. T0rm3nted

    T0rm3nted Moderator
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    Down over 36% today!

    upload_2016-4-15_19-14-49.png
     
  8. fidelgeorge

    fidelgeorge Well-Known Member

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    No news not nothing and everybody is cheering... Stay cautious while it can be just smart money manipulating price to short sell it.
     
  9. Zaysev

    Zaysev Member

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    I hope it teaches something all those bearish traders trying to make money at last moments, or those greedy enough to hold this stock in some vague hopes of SUNE's revive...
     
  10. StockJock-e

    StockJock-e Brew Master
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    Oh oh

    L2 showing .30 open
     
  11. StockJock-e

    StockJock-e Brew Master
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    Another wedge forming up on the 5min
     
  12. Tiptopptrader

    Tiptopptrader Well-Known Member

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    Slow Stochastic's screaming a buy at 15
     
  13. Zaysev

    Zaysev Member

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    It's been screaming it ever since BK was announced. Not sure it's a relevant source of analysis in such situation :)
     
  14. StockJock-e

    StockJock-e Brew Master
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    Oh oh SUNE halt...

    Here comes bankruptcy

    Last thing on L2 was this

    [​IMG]
     
  15. StockJock-e

    StockJock-e Brew Master
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    Nooooo! He drank the kool-aid! :D

    Oscillating indicators aside, way too many speculators were thinking bankruptcy would never happen because its too complicated and that $5 was coming next.
     
  16. StockJock-e

    StockJock-e Brew Master
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    SunEdison Undertakes Chapter 11 Reorganization

    MARYLAND HEIGHTS, Mo., April 21, 2016 /PRNewswire/ -- SunEdison, Inc. (NYSE: SUNE) (the "Company") today announced that it has commenced a process to restructure its balance sheet and position the Company for the future. To facilitate this restructuring, SunEdison and certain of its domestic and international subsidiaries have filed voluntary petitions for reorganization under chapter 11 of the U.S. Bankruptcy Code in the Bankruptcy Court for the Southern District of New York.

    SunEdison's publicly-traded yieldcos, TerraForm Power (NASDAQ: TERP) and TerraForm Global (NASDAQ: GLBL), are not 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 Ahmad Chatila, SunEdison chief executive officer. "The court process will allow us to right-size our balance sheet and reduce our debt, providing the opportunity to support the business going forward while focusing on our core strengths. It also will facilitate our continued work towards transforming the Company into a more streamlined and efficient operator, shedding non-core assets as well as taking other steps to help us get the most value out of our technological and intellectual property. As a result of this process, we expect that SunEdison will be in an even better position over the long term to utilize our capabilities in the renewable energy sector in service of our customers, business partners, and employees."

    SunEdison has secured commitments for new capital totaling up to $300 million in debtor-in-possession (DIP) financing from a consortium of first and second lien lenders. Subject to Court approval, these financial resources will be made available to the Company to support its continuing business operations, minimize disruption to its worldwide projects and partnerships, and make necessary operational changes.

    The new financing will support day-to-day operations during the reorganization, including:
    Proceeding with work on ongoing projects, both in the U.S. and elsewhere;
    Paying wages and benefits for employees;
    Continuing to provide services to customers;
    Paying vendors and suppliers in the ordinary course for goods and services provided on or after the date of the chapter 11 filing; and
    Complying with all regulatory obligations.

    SunEdison has made customary filings, including first day motions, with the Court, which, if granted, will help ensure a smooth transition into chapter 11 without business disruption. The motions are expected to be addressed by the Court promptly following the filing, and include, among other things, a request for approval of the debtor-in-possession financing, as well as requests for authority to make wage and salary payments, continue various benefits for employees, honor certain customer programs, and other relief in order to continue the day-to-day operations of SunEdison.

    Additional information on the restructuring can be found at www.restructuringupdates.com or by calling the Company's toll-free restructuring information line at (855) 388-4575 (or, if you are calling from outside the U.S. or Canada, at +1 (646) 795-6966). Information about the claims process will also be available at https://cases.primeclerk.com/sunedison.

    SunEdison has hired Rothschild Inc. and McKinsey Recovery & Transformation Services U.S., LLC as advisors in connection with the Company's restructuring. Skadden, Arps, Slate, Meagher & Flom LLP is acting as its legal advisor.

    Note for Global Editors: About Chapter 11

    SunEdison has filed its restructuring under chapter 11 of the U.S. Bankruptcy Code. A bankruptcy filing under chapter 11 (a chapter of title 11 of the United States Code) permits SunEdison's reorganization under court supervision while the Company continues to operate in the ordinary course, consistent with the agreement reached with its debtor-in-possession lenders, in order to maximize value for all stakeholders. SunEdison's management will remain in control of its day-to-day business operations and its assets will be subject to the court's jurisdiction.
     
  17. MaximusAnalysis

    MaximusAnalysis Active Member

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    If your going to invest in this one you truly know your risk here. Use vegas money on this one. Something that your willing to lose it all and laugh it off
     
  18. StockJock-e

    StockJock-e Brew Master
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    Even with a Q attached to the ticker, the stock will make moves, but not up here at 40c or even 30c, or 20c.

    If it sells down to 0.01, there can be a bounce to 0.05 or more, its purely buyers and sellers chasing momentum at that point.

    Plenty of CH11 stocks bounce all over the place, but you do not want to hold these things long term. Im guessing there will be some sort of reverse split or issuance of new shares at some point if they save this company, and you dont want to be holding it!
     
  19. DoveJohns

    DoveJohns Active Member

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    "SUNE files BK protection"... Shocking.

    I can't understand people that are complaining about it on stocktwits. Everyone said this was coming, every news supported the fact that it was coming... It was a gamble, some won some lost.

    I hopped to GLBL/TERP vagon too today as SUNE has been dragging these down with itself (mostly GLBL). Not sure how long I should stay though. Given no bad news, I think they should rally for 2-3 days at least. I am just afraid they will release some bombs within these 2-3 days like cutting dividend, continuing to having problems with filing and misstatements etc.
     
    StockJock-e likes this.
  20. StockJock-e

    StockJock-e Brew Master
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    Ill confess, I was absolutely sure of bankruptcy, but then I went to read what others were saying and I had some doubts.

    Several authors on seekingalpha were explaining how CH11 could never happen because "its just too complicated". Im not an expert on CH11, but when you have that much debt like SUNE, what else can you do?

    I started reading more articles on how CH11 would not happen and they all seem to make good arguments, yet here we are, they were all wrong!

    Just goes to show that the dangers of the echo chamber are real!
     

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