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...struck after a mediation process overseen by a federal bankruptcy judge, required McKinsey to make $5m payments to creditors in the Chapter 11 bankruptcies of Alpha Natural Resources, Westmoreland Coal and SunEdison...
...Among the bankruptcies mentioned in the suit, eagle-eyed readers may spot hedge fund graveyard SunEdison, which filed for Chapter 11 in 2016....
...advised SunEdison....
...assets, Brookfield’s private equity division bought Westinghouse Electric, the nuclear services company, out of bankruptcy for $4bn; the group took control of two subsidiaries of the bankrupt solar group SunEdison...
...The value of SunEdison, a company Mr Einhorn pitched as one of his top investment ideas in a public presentation in late 2014 ended up going to zero after it filed for bankruptcy protection....
...And SunEdison is bankrupt. Email the Lex team at lex@ft.com...
...Ahmad Chatila, SunEdison’s chief executive, said in a statement that the filing was “a difficult but important step to address our immediate liquidity issues.”...
...SunEdison’s market capitalisation was above $10bn as recently as last June....
...Potentially more threatening are the creditors of SunEdison....
...Vivint Solar, another of the largest US residential solar companies, last year accepted a $2.2bn offer from SunEdison....
...SunEdison set a previous record in November when it won all 500MW in an auction in Andhra Pradesh with a bid of Rs4.63/kwh....
...David Einhorn’s declared the solar company SunEdison to be a bargain only to see it file for bankruptcy protection....
...In one day, SunEdison shares were up 25 per cent, TerraForm’s 6.5 per cent, NextEnergy Partners 8 per cent, and NRG Yield’s 12 per cent....
...Terraform Power, SunEdison’s yieldco, which has fallen more than 69 per cent since the start of 2015, declined 1.4 per cent on Tuesday....
...SunEdison believes that the asset class, like MLPs and Reits, will be better appreciated in time....
...Yet in spite of all this good news, SunEdison, the world’s largest solar project developer, went into Chapter 11 bankruptcy protection in April....
...Equities that at one point were popular with hedge funds, such as SunEdison, the renewable energy company, and Community Health Systems, the healthcare group, have spurred industry losses, as investors dumped...
...Even shares in Sunedison, which have fallen 80 per cent in the past six months because of concerns about its financial position, rose 26 per cent....
...SunEdison had purchased Mark Group for an undisclosed sum to help it grow its residential and commercial sales in the UK....
...High-profile flame-outs in companies championed by hedge funds, including Valeant, Allergan and SunEdison, have not helped their reputations. But many fear that worse is to follow....
...The price of the electricity to be sold, Rs4.63 per kilowatt hour, equalled the record-low winning bid of SunEdison, the struggling US group, for a 500MW project auctioned earlier in the same state....
...Shares in First Solar declined 3 per cent to $64.51, shares in Sunedison were down 7 per cent to $2.44 and SunPower Corp shares were down 4 per cent to $22.02....
...David Einhorn of Greenlight Capital seems unlikely to stop a slide towards bankruptcy for SunEdison, a renewable energy company he has backed since 2014....
...Shares in First Solar declined 3.1 per cent to $64.41, SunEdison was down 10.3 per cent to $2.36 and SunPower Corp fell 4.7 per cent to $21.89....
...For example, from the second week of July the shares of Terraform Power, the yieldco sponsored by SunEdison, have fallen by over 47 per cent....
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