SunEdison, the Maryland Heights-based renewable energy developer, filed for Chapter 11 bankruptcy Thursday, following months of speculation by analysts that the company was headed for that fate.
The filing follows an aggressive acquisition spree that saw SunEdison pile up debt as it made $3.1 billion in deals over a two-year span.
SunEdison said in its bankruptcy petition that it had assets of $20.7 billion and liabilities of $16.1 billion as of Sept. 30.
As part of the Chapter 11 reorganization, SunEdison has secured commitments for up to $300 million in debtor-in-possession financing, which will help the company with day-to-day operations during reorganization.
“Our decision to initiate a court-supervised restructuring was a difficult but important step to address our immediate liquidity issues,” SunEdison Chief Executive Officer Ahmad Chatila, said in a statement.