SunEdison Inc. is preparing to file for bankruptcy protection, confirming what the industry has been expecting for months, Bloomberg News reported on Friday. SunEdison has arranged with first- and second-lien lenders for financing to carry it through bankruptcy reorganization. The company provided a glimpse into its financial status in a regulatory filing Friday, including that it’s pursuing debtor-in-possession loans from creditors. The disclosure of the DIP negotiations comes as SunEdison faces default on at least $1.4 billion in loans and credit facilities, and after it failed to make a $2.6 million interest payment at the beginning of this month on its 2 percent convertible bonds maturing in 2018. SunEdison’s finances are being investigated by the U.S. Department of Justice and the U.S. Securities and Exchange Commission.
