SunEdison, which bills itself as the largest green energy company in the world, a company the National Review reports has received more than $1.5 billion in state and federal government subsidies and loan guarantees, is preparing to file for bankruptcy protection from its creditors.
SunEdison’s financial collapse would rank as one of the largest in recent years. The company had a market value of more than $10 billion in July of 2015 with its stock trading at approximately $32 per share. Now the company, saddled with nearly $8 billion in long-term debt, is valued at just $150 million, with its stock trading at less than $1.00 per share.
According to the Securities and Exchange Commission (SEC), SunEdison is considering a mass liquidation of its assets, noting the company is delaying its annual financial reports to the SEC.
Compounding SunEdison’s financial difficulties, the company is also being investigated by the Justice Department and the SEC concerning its finances and disclosures made to its investors.
Record of Green Energy Failure