SunEdison Files for Bankruptcy Protection
SunEdison filed for bankruptcy protection after a two-year, $3.1 billion acquisition binge that drove its debt to unmanageable levels and sent investors running for the exits. The clean-power giant listed $16.1 billion of debt in Chapter 11 filings Thursday in Manhattan federal court, making it the biggest US bankruptcy in more than a year. While the buying spree ultimately did SunEdison in, the bankruptcy comes as energy companies of all sorts are succumbing to a slump in prices. Earlier this month, coal producer Peabody Energy Corp sought creditor protection, reporting $10.1 billion in liabilities.