Embattled renewables firm SunEdison is said to be close to seeking bankruptcy protection, according to one of two subsidiary yieldcos, Terraform Global in an SEC filing.
Terraform Global said in financial statement that parent company SunEdison, was at a “substantial risk” due to its “liquidity difficulties” and “will soon seek bankruptcy protection”.
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TerraForm Global drew attention to SunEdison’s financial position due to the delayed filing of SunEdison’s fourth quarter and full-year 2015 financial results, which could also trigger clauses for bondholders to seek the return of funds.
The delays in filing its financial reports also affects the ability of the yieldcos, due to previously stated “weakness in internal controls over financial reporting“.