TerraForm Global rejects bondholders’ default warning

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SunEdison yieldco TerraForm Global has rejected a warning from bondholders that it is heading for default after failing to provide an annual report.

A group of investors representing more than 25% of one of the company’s US$191 million bonds claimed that the late filing of the report meant the company was now in default and issued it a 90 day notice to respond or an “Event of default” would occur.

The company has responded with a clarification of reporting rules and claimed that it does in fact have until 29 May to file its annual report before it could be considered to be in default and as such, the notification was in fact “untimely”.

Parent SunEdison is struggling to report full-year financial results citing internal control problems and the appointment of independent accountants following its chapter 11 bankruptcy filing.

Source: SunEdison.
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