l****z
发帖数: 29846 | 1 From $10 Billion to Worthless in 8 Months: Solar Hype Financial Engineering
at Its Finest
Friday
Apr 2016
In one of the largest financial collapses in recent years, Sun Edison,
valued at $10 billion in July, now prepares for bankruptcy.
How do you do that?
Cheap money (thank the Fed) and financial engineering (thanks to company
wizards who no doubt saw this coming and cashed out long ago).
The Wall Street Journal notes SunEdison Preparing to File for Bankruptcy.
Solar-energy company SunEdison Inc. plans to file for bankruptcy protection
in coming weeks, a dramatic about-face for a company whose market value
stood at nearly $10 billion in July.
The company is preparing a chapter 11 filing and is in talks with two
creditor groups to obtain a loan to fund its operations during the process,
according to people familiar with the matter. Creditors are likely to take
control of the company and its portfolio of power projects, the people said.
SunEdison, whose stock has plunged in recent months, would rank among the
largest financial collapses in recent years.
SunEdison’s stock fell to fresh lows this past week on bankruptcy fears and
news that the company is facing Securities and Exchange Commission and
Justice Department investigations.
Its market capitalization is now about $150 million, and it had long-term
debt of about $7.9 billion as of Sept. 30, according to a regulatory filing.
A SunEdison bankruptcy filing would be problematic for its two yieldcos,
TerraForm Power Inc. and TerraForm Global Inc. The two entities, which own
power plants and sell energy to utilities under long-term contracts, are in
far better financial shape than SunEdison but depend on it for many services.
The units don’t plan to file for bankruptcy protection, but their shares
represent much of SunEdison’s value.
[Excuse me for asking, but what value is that?]
SunEdison’s collapse is a setback for the yieldco corporate structure,
which was once seen as a breakthrough for energy financing. SunEdison and
peers such as NextEra Energy Inc. floated vehicles that raised public funds
to buy power projects from their sponsors. Investors initially rewarded the
structure, attracted by yieldcos’ high dividend payouts during a time of
ultralow interest rates, but expectations of rising rates damped their
enthusiasm.
SunEdison’s troubles have mounted in recent weeks. The Wall Street Journal
reported Tuesday that the SEC is investigating whether SunEdison
misrepresented its cash position to investors as its stock collapsed.
Surprise or No Surprise?
Upon reading the above, my first reaction was “I am surprised Team Obama
was not involved in this mess.”
Just to be safe, I did a check.
Here is a nice article I discovered right on the Sun Edison home website:
Will Obama Be Remembered As The Renewable Energy President?
Nothing like using Obama to hype up your worthless company. That coupled
with financial engineering is how you get a $10 billion valuation.
Sun Edison will soon be bankrupt. President Obama’s ideas have been
bankrupt for a long time. | f**********n
发帖数: 29853 | 2 别的新闻说，太阳能，风能没政府补贴，全是死路一条。 | X***R
发帖数: 2410 | 3 绿党投资者制造的泡沫而已，别的还有那些3D打印，乱吹起来都很 fancy，
大规模应用短期内都是不怎么靠谱，无法形成有效 BU。不过绿党这些家伙已经卷走不
少钱了。
下次出现的时候，又会变些新花样出来，make sure 每次圈钱的招数都不一样。 | m********g
发帖数: 10469 | |
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