It’s over. After months of arguing that everything will be ok as investors flee the troubled company, it is now officially over:
- *SUNEDISON FILES FOR BANKRUPTCY AFTER ACQUISITION BINGE
As Bloomberg notes, Terraform Power and Global are not part of the filing.
The company reported between $10-50 billion in assets and $10-50 billion in debt.
Not a great day for David Einhorn…
As part of its filing, SunEdison reports its has obtained a $350MM DIP loan:
WHEREAS, the Company, as borrower, has requested that one or more potential financing sources (which may include certain lenders or noteholders under certain of the Company’s existing secured indebtedness) (collectively with any agent, arranger and letter of credit issuer under any DIP Facility (as defined below), the “DIP Lenders”) arrange, backstop and/or provide one or more debtor-in-possession superpriority credit facilities, including (i) a new money term loan facility (the “DIP NM TL Facility”), which may include a roll-up of up to $350 million aggregate principal amount of the Company’s existing second lien loans and second lien convertible notes, to the extent required by the applicable DIP Lenders and authorized by the Bankruptcy Court (the “DIP TL Roll-Up Facility”), and (ii) a roll-up or refinancing of the Company’s existing first lien letter of credit facility (up to an amount equal to the full principal amount outstanding thereunder, any unused commitments thereunder and the face amount of issued and undrawn letters of credit thereunder) to provide for the extension and renewal of existing letters of credit (and, to the extent agreed by the applicable DIP Lenders, the issuance of new letters of credit thereunder) and/or additional letter of credit facilities to provide for the issuance of new letters of credit and/or backstop or replacement of existing letters of credit (collectively, the “DIP LC Facility” and collectively with the DIP NM TL Facility and DIP TL Roll-Up Facility, the “DIP Facilities”) subject to exceptions and limitations to be set forth in any orders of the Bankruptcy Court concerning any of the DIP Facilities (the “DIP Financing Orders”);
* * *
Full filing…
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