SunEdison Inc., once the fastest-growing U.S. renewable energy company, filed for Chapter 11 bankruptcy protection Thursday after a short-lived but aggressive binge of debt-fueled acquisitions proved unsustainable.
In its bankruptcy filing, the company said it had assets of $20.7 billion and liabilities of $16.1 billion as of Sept. 30.
SunEdison's two publicly traded subsidiaries, TerraForm Power Inc. and TerraForm Global Inc., are not part of the bankruptcy. In a statement, the companies, known as yieldcos, said they have sufficient liquidity to operate and that their assets are not available to satisfy the claims of SunEdison creditors.
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