SunEdison Inc (SUNE) is reportedly preparing to file for bankruptcy.
An unnamed source claims that the bankruptcy filing is coming, but didn’t say a specific date, according to a Reuters report. The company is $12 billion in debt and is seeking to obtain $310 million to continue operations.
Several analysts have predicted that SunEdison will file for bankruptcy.
SunEdison has struggled as plans to quickly expand its business into new markets turned out to be unsustainable. It revealed during a recent filing that it started having trouble in mid-2015, which is when it attempted to acquire Vivint Solar Inc (VSLR) and launch the TerraForm Global Inc (GLBL) IPO, reports Fortune.
SunEdison got results from an internal investigation last week and it saw no misstatements or evidence of fraud. However, there were still bankruptcy rumors, and one report showed that Bloomberg data missed a bond payment.
SUNE hit a high of $33.45 in July of last year but now is hanging around 35 cents.
SunEdison shares opened Monday off more than 25%, but had trimmed their losses to around 5% by midday.
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