As SunEdison Inc. navigates through bankruptcy, an 11-day period in November continues to haunt the world’s largest renewable-energy company, Bloomberg reported today. Over that period, the company misrepresented its financial health, withheld details about an imminent margin-loan deadline and ousted several independent directors at the two publicly traded yieldcos that it founded and controls, as it sought funds to make the looming payment. SunEdison won court approval Tuesday for a $1.3 billion operating loan, and that package will also fund a creditor probe into its financial activities. The findings will shape the outcome of the bankruptcy. Meanwhile, creditors say the company shouldn’t be in charge of managing its own cash, a question scheduled to be addressed at a June 21 hearing. The reason is SunEdison’s “large, opaque capital structure, with complex intercompany relationships and cash flows, poor accounting, poor controls and allegedly fraudulent conduct at the highest levels,” creditors said in a May filing. A key event came at the culmination of the 11-day period, an incident that one of the suits called the “Friday Night Massacre.”
