Sunedison Inc. (fka SUNEQ)

[FEED_THE_FOXES]

The notion that SUNE may emerge from bankruptcy restructured and/or has hidden assets is absurd. My review of the MOR’s thru July show cumulative Net Sales of $158MM, a Gross Loss of $638MM and new Unpaid Liabilities of $767MM. The only assets on SUNE’s books, whether in or out of the Court’s domain, that have any real value are those that generate Net Sales or cash flow. SUNE has to report all of it to the Court. The four Stalking Horse deals and the India deal are only going to generate $474MM in gross cash. That leaves a deficit of cash of almost $293MM and SUNE’s monthly losses are growing by the month. Since filing for bankruptcy SUNE has only dug a deeper whole of debt. The only card SUNE has left to play of any real value is the sale of TERP and GLBL.