Friday, April 1, 2016

WSJ Says SunEdison Preparing for Bankruptcy

The Wall Street Journal(WSJ) reported tonight that SunEdison is preparing for bankruptcy. The stock closed today at $0.43 per share with a market cap of $136 Million, a far cry from the $33 per share last summer.

"The company is preparing a chapter 11 filing and is in talks with two creditor groups to obtain a loan to fund its operations during the process, according to people familiar with the matter. Creditors are likely to take control of the company and its portfolio of power projects, the people said."

No word yet whether Georgetown has been able to extract itself from SunEdison and if they have made contractual arrangements for electricity supplies next year and into the future. When is the city going to tell its citizens and taxpayers what is going on? Now is the time to demand transparency from our elected city officials.

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