Bankrupt U.S. clean energy firm SunEdison has unsurprisingly announced that it is to delay filing its 10-Q financial report for the first quarter of 2016, while also revealing that it has parted ways with its chief financial officer (CFO), Brian Wuebbels.
Wuebbels has been given a 30-day notice period and will work his last day at SunEdison on June 9. Between now and then, Wuebbels will work as an advisor to chief restructuring officer John Dubel and Ilan Daskal will assume the role of CFO designee until such time that both parties Daskal and SunEdison agree to remove the designee title.
The knock-on effect of SunEdisons delayed financials has been felt at one of its yieldco units this week, with TerraForm Global being issued with a 90-day window with which to file its delinquent 2015 annual report or face demands to pay its debts six years early.
Law firm Willkie Farr & Gallagher is acting as representative of bondholders of TerraForm Global Operating LLC and this week sent a notice of default on the yieldcos 9.75% senior notes, which are not due until 2022.
The law firm has said that TerraForm Globals missing annual report has unnerved the group of bondholders, who have issued a 90-day notice period for the yieldco to remedy the problem or face a partial default on the notes.
According to data compiled by Bloomberg, the notes amount to $760.4 million in debts, and this notice period is a "way for the lenders to open a dialogue for how the default will be cured," said Julia Winters, bankruptcy analyst at Bloomberg Intelligence. "They have the power to grant forbearance."
Earlier this week both TerraForm Power and TerraForm Global said that lenders on their revolving credit facilities had acquiesced to a request for more time in filing 2015s annual report.
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