Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

SunEdison plans to stop interest payments on yieldcos' notes

Published 08/03/2016, 07:39 PM
Updated 08/03/2016, 07:40 PM
© Reuters. The headquarters of SunEdison is shown in this aerial photo in Belmont

(Reuters) - Bankrupt solar company SunEdison (PK:SUNEQ) plans to stop making interest payments on behalf of its two yieldcos, TerraForm Global Inc (O:GLBL) and TerraForm Power LLC (O:TERP), due to its Chapter 11 proceedings, the two companies said.

SunEdison had agreed to pay interest on senior notes issued by TerraForm Power and TerraForm Global, the two companies said on Wednesday.

The two yieldcos called SunEdison's decision "invalid" and said they would contest the decision, saying that announcing the decision in a filing did not mean they had acknowledged it.

They said that even if SunEdison failed to make the interest payments, they would be able to continue to service their debt with current liquidity and cash flow from operations.

TerraForm Global said last month that SunEdison was looking to sell its interests in the yieldco.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.