"Solar-energy company SunEdison Inc. on Thursday said it filed for chapter 11 bankruptcy protection, a dramatic move for a company whose market value stood at nearly $10 billion in July.
SunEdison said its publicly traded so-called yieldcos, TerraForm Power Inc. andTerraForm Global Inc., aren't part of the filing.
The company said it has secured commitments for new capital of up to $300 million in debtor-in-possession financing from a consortium of first- and second-lien lenders."
The company still has not submitted it's annual financial report and has not set a date when it will. Trading of company shares has been halted!
OK Georgetown, are you going to let the citizens know what impact this is going to have on their electric rates or whether or not the city has any liability?
I'm betting that all the credulous media that gleefully reported on Georgetown's "cheaper than fossil fuel" solar venture will not be reporting that Sunedison has gone bankrupt and the city of Georgetown is mum about how much tax money may be lost.
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