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SunEdison delays annual report citing internal probe
Credit: Reuters | Mar 1, 2016 | reuters.com ~~
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SunEdison Inc said on Monday it has delayed filing its annual report, mainly due to an internal investigation into the solar company’s financial position.
The investigation, which began late last year, is based on allegations by former executives concerning SunEdison’s anticipated financial position disclosed to the board, the company said in a filing. (1.usa.gov/1LR74Vu)
The investigation is being conducted by a committee set up by the board and no wrongdoing has been found so far based on the executives’ allegations, SunEdison said.
SunEdison did not comment further, when contacted by Reuters.
In mid-November, SunEdison reported a wider-than-expected quarterly loss, prompting the company to stop selling projects to its “yieldcos”- dividend-paying units that hold solar, wind or other power assets for the parent company.
Later in the month, the chief executives of SunEdison’s two yieldcos stepped down.
One of SunEdison’s yieldcos, TerraForm Power Inc, is also delaying its annual report, according to a company filing on Monday. (1.usa.gov/1L0zzoF)
Last week, SunEdison fought off an injunction filed by Appaloosa Management which prevented Terraform Power from buying some assets from Vivint Solar Inc.
David Tapper’s Appaloosa said the acquisition of Vivint’s assets – which had an initial purchase price of $922 million – was not in the interest of the yieldco’s shareholders, mainly because it would alter the company’s business model and force it to take on debt of $960 million.
TerraForm Power could not be reached for comment, outside regular business hours. (Reporting by Parikshit Mishra and Ismail Shakil in Bengaluru; Editing by Bernard Orr and Sunil Nair)
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