SUNE “in the eye of the hurricane” with $571,800,000 in energy bonds due by 4/15/16

SunEdison (SUNE) is, "in the eye of the hurricane”, with $571,800,000 in energy bond payments due by 4/15/16, and deemed, "Most Likely To Default In The Next Six Months" 

ZERO HEDGE

These Are The Energy Bonds Most Likely To Default In The Next Six Months

Tyler Durden's picture

Full article:

http://www.zerohedge.com/news/2016-03-15/these-are-energy-bonds-mos...

clips from Zero Hedge-

“Bloomberg, Fitch's Eric Rosenthal paints a very disturbing picture: the rating agency senior director predicts that about $40 billion worth of energy debt will likely default in 2016.”

“In short, it looks like we may be in the eye of the hurricane, and it is only a matter of time before the pent up avalanche of energy defaults is unleashed.

But how long; what are the specifics? For those who enjoy combing through forward calendars, we have conducted a quick search of all U.S. 144A oil and gas bonds trading at 30 cents on the dollar or less, and which have an interest payment over the next six month, starting in April through September. As can be seen from the 141 individual bonds that satisfy these criteria, the eye of the hurricane is set to leave and unleash some very strong wind…”

SEE by link below:

SUNE Bond Coupon Date 4/1/2016:  Line 7., $255,700,000

SUNE Bond Coupon Date 4/15/2016:  Line 22., $316,100,000

Adding Bond amount provided in the link below, Line 7, to Bond sum in Line 22, we arrive at $571,800,000 due by April, 15, 2016 (that includes SUNE's $255,700,000 interest payment due on April Fools' Day). 

http://www.zerohedge.com/sites/default/files/images/user5/imageroot...

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Comment by Barbara Durkin on March 16, 2016 at 12:07pm

Thanks, Paula...I have to laugh.  Indeed SunEdison does have an accounting problem and a shareholder problem. 

There are some winners...like, Brian Wuebbels, Executive Vice President, Chief Administration Officer and Chief Financial Officer at SUNEDISON, INC., now TerraFormPower, Inc., (TERP) President and CEO.

http://www1.salary.com/Brian-Wuebbels-Salary-Bonus-Stock-Options-fo...

Brian Wuebbels

Executive Compensation

As Executive Vice President, Chief Administration Officer and Chief Financial Officer at SUNEDISON, INC., Brian Wuebbels made $3,073,197 in total compensation. Of this total $466,654 was received as a salary, $682,500 was received as a bonus, $0 was received in stock options, $1,908,000 was awarded as stock and $16,043 came from other types of compensation. This information is according to proxy statements filed for the 2014 fiscal year.
Executive Vice President, Chief Administration Officer and Chief Financial Officer SUNEDISON, INC.View local and national averages for salaries$3.1MILLION$466,654Base Pay$682,500Bonus + Non-EquityIncentive Comp$1,149,154Total Cash Comp$1,908,000Stock Award Value$0Option Award Value$1,908,000Total Equity$16,043Total Other$3,073,197 Total CompensationFiscal Year Ended in 2014
The chart on this page features a breakdown of the total annual pay for Brian Wuebbels , Executive Vice President, Chief Administration Officer and Chief Financial Officer at SUNEDISON, INC. as reported in their proxy statements.
Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. SUNEDISON, INC. income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. SUNEDISON, INC. annual reports of executive compensation and pay are most commonly found in the Def 14a documents.
Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year.
Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings.
Other Executives at this Company
Shaker Sadasivam Ahmad Chatila Carlos Domenech David Ranhoff
Brian Wuebbels
Base Pay
$466,654
Bonus + Incentive Comp
$682,500
Total Cash Compensation
$1,149,154
Stock Award Value
$1,908,000
Option Award Value
$0
Total Equity
$1,908,000
Total Other
$16,043
Total Compensation
$3,073,197

History repeats-

From the Senate Government Affairs November 12, 2002 ASLEEP AT THE SWITCH: FERC'S OVERSIGHT OF ENRON CORPORATION--VOL. I

The 107th Congress transcript, in part, states-

Senator Levin: “The Enron scandal began by exposing dishonest accounting at a number of major U.S. companies that, unbeknownst to most, had begun to eat away at the reliability of their financial statements. It has since exposed the conflicts of interest that have made investors distrust investment reports issued by leading U.S. financial firms. It has exposed how those firms have become unwilling participants in shell companies, phony trade deals, and complex financial transactions used to inflate earnings, hide debt, and increase stock prices..”

Levin: “corporate executives have walked away from corporate disasters with millions in their pockets, often from exercising stock options, while pension funds, investors, employees and creditors have lost everything.”

[cut]. http://www.gpo.gov/fdsys/pkg/CHRG-107shrg83483/html/CHRG-107shrg834...

While SUNE continues to plummet-

http://www.streetinsider.com/Special+Reports/Pre-Open+Stock+Movers+...

a clip-

SunEdison, Inc. (NYSE: SUNE) 16.5% LOWER; announced that it is delaying the filing of its Annual Report on Form 10-K for the year ended December 31, 2015 beyond the extended due date of March 15, 2016.

TerraForm Power, Inc. (Nasdaq: TERP) 13.5% LOWER; announced that it is delaying the filing of its Annual Report on Form 10-K for the year ended December 31, 2015.

Comment by Paula D Kelso on March 16, 2016 at 11:04am

I see there's an article in USA TODAY on 3/16 I believe that says SUNEDISON discovered they had an accounting problem that they were working to fix.

(If someone wants to look that article up and get the details.)

 

Maine as Third World Country:

CMP Transmission Rate Skyrockets 19.6% Due to Wind Power

 

Click here to read how the Maine ratepayer has been sold down the river by the Angus King cabal.

Maine Center For Public Interest Reporting – Three Part Series: A CRITICAL LOOK AT MAINE’S WIND ACT

******** IF LINKS BELOW DON'T WORK, GOOGLE THEM*********

(excerpts) From Part 1 – On Maine’s Wind Law “Once the committee passed the wind energy bill on to the full House and Senate, lawmakers there didn’t even debate it. They passed it unanimously and with no discussion. House Majority Leader Hannah Pingree, a Democrat from North Haven, says legislators probably didn’t know how many turbines would be constructed in Maine if the law’s goals were met." . – Maine Center for Public Interest Reporting, August 2010 https://www.pinetreewatchdog.org/wind-power-bandwagon-hits-bumps-in-the-road-3/From Part 2 – On Wind and Oil Yet using wind energy doesn’t lower dependence on imported foreign oil. That’s because the majority of imported oil in Maine is used for heating and transportation. And switching our dependence from foreign oil to Maine-produced electricity isn’t likely to happen very soon, says Bartlett. “Right now, people can’t switch to electric cars and heating – if they did, we’d be in trouble.” So was one of the fundamental premises of the task force false, or at least misleading?" https://www.pinetreewatchdog.org/wind-swept-task-force-set-the-rules/From Part 3 – On Wind-Required New Transmission Lines Finally, the building of enormous, high-voltage transmission lines that the regional electricity system operator says are required to move substantial amounts of wind power to markets south of Maine was never even discussed by the task force – an omission that Mills said will come to haunt the state.“If you try to put 2,500 or 3,000 megawatts in northern or eastern Maine – oh, my god, try to build the transmission!” said Mills. “It’s not just the towers, it’s the lines – that’s when I begin to think that the goal is a little farfetched.” https://www.pinetreewatchdog.org/flaws-in-bill-like-skating-with-dull-skates/

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Hannah Pingree on the Maine expedited wind law

Hannah Pingree - Director of Maine's Office of Innovation and the Future

"Once the committee passed the wind energy bill on to the full House and Senate, lawmakers there didn’t even debate it. They passed it unanimously and with no discussion. House Majority Leader Hannah Pingree, a Democrat from North Haven, says legislators probably didn’t know how many turbines would be constructed in Maine."

https://pinetreewatch.org/wind-power-bandwagon-hits-bumps-in-the-road-3/

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