Clean energy poster child SunEdison files for bankruptcy

CNNmoney: It’s a stunning reversal for SunEdison (SUNE), a solar and wind company that was worth almost $10 billion less than a year ago.

sun edison logo

But the company was hit by financial troubles in recent months caused by a mountain of debt taken on during better times.

SunEdison hopes to clean up its balance sheet through a Chapter 11 restructuring. The solar company secured $300 million in financing to keep the business afloat. The new funds will allow SunEdison to continue ongoing projects, pay wages and benefits.  more

h/t SmallDeadAnimals

7 Comments on Clean energy poster child SunEdison files for bankruptcy

  1. This is what happens when govt intervenes in economic matters by creating too much money, forcing interest rates down to nothing or next to nothing, and guarantees huge loans for political purposes to crony “capitalists.”

    You can take it to the bank (heh!) that the principals of SunEdison are still rich, just maybe not quite as filthy rich as they had wished.

    (I admire rich people who got that way by creating wealth, but despise those who got rich by collusion with govt agencies and programs.)

  2. The entire ‘green’ movement is nothing more than a money laundering operation.
    Our taxes get sent to these sham companies and millions get sent to politicians that would be jailed had they stolen it directly.

  3. They should install Solar Panels on all of their buildings, this would save them tons of money and pull them out of bankruptcy!

  4. It as interesting that no where in the CNN story was it mentioned where the $300 million came from or how much money flowed into the company over the years from the government. If there was no government money involved then I’m sorry to see them go. Perhaps like so many companies before them they believed what Wall Street valued them at and acted accordingly and drove the company into the dirt. Maybe it never was a good company to begin with and reality suddenly and brutally introduced himself.

  5. Coal, shale oil and gas, nuclear, and now solar energy companies are straining or actually going bankrupt.

    Should the magic negro’s wild card for mayhem should be revoked before its 8-yr expiration date?

    Or does N Korea have to remodel California with a nuke first?

  6. Oh come on, now. If government gets out of the green energy business, how are the sharletons of congress, and this administration, going to rape the US treasury and build their off shore coffers?

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