NEW YORK — SunEdison, a one-time star in the alternative energy field, is filing for bankruptcy protection after years of rapid-fire acquisitions left the solar company in a desperate cash situation.
According to the Bangor Daily News, the company acquired wind developer First Wind for $2.4 billion in 2015. The deal gave SunEdison control over proposed and operating wind projects in Maine.
The company filed with the Bankruptcy Court for the Southern District of New York on Thursday.
Just last week, an audit committee reviewing operations at the Maryland Heights, Missouri, company found an “overly optimistic culture and its tone at the top.” The committee also said that at SunEdison, “cash forecasting efforts lack sufficient controls and processes.”
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