One of the nation’s latest energy firms to end up in Chapter 11 bankruptcy is SunEdison, considered a solar energy giant in the U.S. The Missouri based company had been dealing with financial problems in the past year and earlier this month admitted it had a $12 billion debt. But in the bankruptcy filing, SunEdison said its assets totaled $20.7 billion and liabilities were $16.1 billion. With the filing, he company became one of the largest non-financial companies to file bankruptcy in the past decade.
Experts say low oil prices led to SunEdison’s downfall in part because the weak oil and gas sector caused investors in solar to be hesitant with their investments.
Earlier this month, SunEdison was sued by one of two of its subsidiaries and accused of breach of contract and fiduciary duty. The suit came after SunEdison’s unsuccessful attempt to merge with Vivint.
