Sunedison Inc. (fka SUNEQ)

[FEED_THE_FOXES]

Non-recourse debt at the project level is excluded from bankruptcy liabilities numbers since it is not SUNE's obligation. The bankruptcy judge prudently treated it as such. However, it shows up in SEC filings for financial reports since it is required by GAAP. The MOR financial opinions to date have specifically stated that they do not use GAAP accounting for the bankruptcy. The original news reports for the India Greenko deal stated a "gross" purchase price of $1.2 billion with SUNE getting about $100 million in cash. Included in the gross purchase price was Greenko's assumption of non-recourse debt and liabilities at the project level, or about $1.1 billion. So the only cash SUNE gets to pay off its bankruptcy "Liabilities" is the $100 million. The MOR's contain Cash Flow projections based on expected events and schedules. Why do you think they look so bad into mid November when deals, e.g. the India Greenko sale, have been known for many weeks and are included in the projections? It is unfortunate that you do not understand the differences in the accounting methods since the consequences can be costly.