SunEdison (SUNE) Preparing to File Bankruptcy - WSJ

SunEdison (NYSE: SUNE) is preparing to file Chapter 11 bankruptcy in the coming weeks, the Wall Street Journal reported late Friday.

The company is in talks with two creditor groups to obtain a loan to fund its operations during the process, according to people familiar with the matter.

While not a complete surprise given news of liquidity trouble in recent weeks, it is a dramatic turn of fortune for the company whose market value was nearly $10 billion in July.

A number of hedge funds, including David Einhorn's Greenlight Capital, owned the stock.

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