SunEdison Inc Files For Chapter 11 Bankruptcy Protection Thursday April 21,2016

SunEdison Inc, once the fastest-growing U.S. renewable energy company, filed for Chapter 11 bankruptcy protection on Thursday April 21,2016 as years of debt-fueled acquisitions proved unsustainable.

In its bankruptcy filing, the company said it had assets of $20.7 billion and liabilities of $16.1 billion as of Sept. 30,2015

The company said its two publicly traded subsidiaries, TerraForm Power Inc and TerraForm Global Inc, were not part of the bankruptcy.

The company said it secured up to $300 million in new financing from its first-lien and second-lien lenders, which is subject to court approval. The money will be used to support SunEdison's operations during its bankruptcy, such as paying wages and vendors, and proceeding with ongoing projects.

"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.

Bankrupt SunEdison Sticks To India Growth Plans

US renewable energy company SunEdison Inc, which filed for bankruptcy Thursday April 21,2016, aims to secure partners for about 1.7 gigawatts of planned projects in India within two months, the head of its Asia business said on Friday April 22,2016

Pashupathy Gopalan, president of SunEdison Asia Pacific, told that the company had excluded India - its largest market outside the United States - from its bankruptcy process. Gopalan did not comment on why India, which accounts for a fifth of SunEdison's total business, was excluded from the bankruptcy.
SunEdison currently has around 700 megawatts of projects financed and nearly constructed in India, with another 1.7 gigawatts of capacity to be completed in two years

As a result, it planned to keep growing in the country.