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Needham Drops Sunedison Bomb: Assets Will Sell For 'Pennies,' Bankruptcy Is Only Possible Outcome

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In a rare mid-day analysis, Needham's Edwin Mok dropped coverage of Sunedison Inc SUNE 23.22%, warning that bankruptcy is the "only viable outcome" for the struggling solar company.

Mok pulled his Hold rating on Sunedison amid what he called a "cash crunch as the result of an over leveraged balance sheet and unclear accounting of its liquidity," as first reported by Barron's.

Last week, the company said it had been approached by the...