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Actionable news in SUNE: SUNEDISON Inc,

SunEdison Could File Bankruptcy As Soon As Sunday; All Eyes On Doha

Summary

SunEdison prepares to file for bankruptcy.

Goodrich Petroleum files for bankruptcy.

All eyes on Doha Meeting.

SunEdison Bankruptcy

Reuters reported Friday SunEdison (NYSE:SUNE) could file for bankruptcy as soon as Sunday, April 17. Shares traded off 36.76% to $0.37, with after-hours trading down another 10%.

SunEdison said it needed about $310 million to stay in business and estimated a cash shortfall of $260 million by mid-June.

The company is current in talks for potential debtor-in-possession financing with some of its first and second-lien lenders.

SunEdison has already laid out three scenarios to continue operation, and unfortunately for shareholders, all three result in zero value for the equity. It's an unfortunate series of events, but shareholders in SUNE will be wiped out.

Goodrich Petroleum

Goodrich Petroleum (OTCPK:GDPM) announced Friday it has filed for chapter 11 bankruptcy protection, joining the likes of Energy XXI (NASDAQ:EXXI) and others. Goodrich's filing was just a matter of time; the company was barely surviving in this catastrophic downturn. Like many others in the E&P space, the commodity downturn has resulted in more than 50 companies filing for bankruptcy. We believe there will be more to come as the likes...


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