Sunedison Inc (OTCMKTS:SUNEQ) announced that the U.S. Bankruptcy Court for the Southern District of New York has granted the relief requested by the Company in key first day motions related to ordinary course business activities. This includes the continuation of employee wages and benefits, work on ongoing projects, and certain vendor payments. Some of these motions were granted on an interim basis and the Bankruptcy Court has scheduled a final hearing for May 10, 2016.
The Court also granted interim approval for the Company to access up to $300 million in debtor-in-possession (DIP) financing from a consortium of first and second lien lenders in support of continuing business operations.
The motions were filed yesterday in conjunction with voluntary petitions for reorganization filed by SunEdison and certain of its domestic and international subsidiaries under Chapter 11 of the U.S. Bankruptcy Code. (Original Source)
Shares of SunEdison closed today at $0.219, up $0.014 or 6.62%. SUNE has a 1-year high of $33.45 and a 1-year low of $0.20. The stock’s 50-day moving average is $1.08 and its 200-day moving average is $3.79.
On the ratings front, SunEdison has been the subject of a number of recent research reports. In a report issued on April 5, Needham analyst Edwin Mok maintained a Hold rating on SUNE. Separately, on April 1, Robert W. Baird’s Ben Kallo reiterated a Hold rating on the stock .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Edwin Mok and Ben Kallo have a total average return of 2.2% and 6.0% respectively. Mok has a success rate of 55.8% and is ranked #938 out of 3823 analysts, while Kallo has a success rate of 54.1% and is ranked #551.
Overall, 2 research analysts have rated the stock with a Sell rating, 9 research analysts have assigned a Hold rating and 2 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $1.61 which is 377.7% above where the stock closed yesterday.
SunEdison, Inc. engages in the business of semiconductor and solar technology. It develops, manufactures, and sells silicon wafers and photovoltaic energy solutions. It operates through the Semiconductor Materials, TerraForm Power, Inc. and Solar Energy segments.