SunEdi­son Files for Bankruptcy Pro­tec­tion

The Economic Times - - Economy: Macro, Micro & More -

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.


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