SunEdison to be dropped from New York Stock Exchange

Dive Brief:

SunEdison has informed the U.S. Securities and Exchange Commission in a Form 25-NSE that its stock will be de-listed later this month, the final twist for shareholders who have seen the stock's value drop from $30 last summer, PV Magazine reports.
The company filed for Chapter 11 bankruptcy protection in April, after its stock began to plunge following an acquisition spree last year that sent the company into severe debt.
As the company begins to navigate the bankruptcy proceedings, it announced it has tapped John Dubel to serve as Chief Restructuring Officer, reporting directly to the independent directors of SunEdison's board.

Dive Insight:

SunEdison's fall has been swift, and the de-listing of its stock later this month is the final step. The entire class of SUNE common stock will be removed by the company at the the opening of the New York Stock Exchange on May 17.

The de-listing comes just weeks after the company declared bankruptcy. SunEdison's fall was precipitated by an acquisition spree that drove its total debt to $11.7 billion by the end of September 2015, more than double year-before levels. The company was acquiring projects and companies on six continents, prompting questions from investors whether it borrowed too much, too fast.

One of the final nails in its coffin was its failed $1.82 billion merger bid with solar installer Vivint. The solar company pulled out of the deal, saying financially-embattled SunEdison failed to meet its obligations laid out in the merger agreement.

The stock traded at more than $30/share in July 2015. The company declared bankruptcy April 21.

Dubel, the company's newly-appointed Chief Restructuring Officer, will lead SunEdison's restructuring efforts and "will have sole authority and discretion on behalf of the management,' the company said. However, Dubel's appointment remains subject to the approval of the bankruptcy court.

Dubel is CEO of Dubel & Associates LLC, which he founded in 1999 to provide "restructuring and turnaround services to underperforming companies," SunEdison said.