Renewable energy giant SunEdison Inc. has placed its Canadian arm into bankruptcy while the parent company seeks more time under court protection in the U.S. to sell off assets and work out a strategy for repaying billions of dollars in debt, the Wall Street Journal reported today. The company’s Canadian division, which also designs and develops renewable energy projects, says that it can no longer fund its operations. It sought protection on Thursday from both creditors and lawsuits under Canada’s Companies’ Creditors Arrangement Act, or CCAA, the equivalent of chapter 11 in the U.S. The Canadian operation, which is concentrated in Ontario, says its financial woes are largely tied to liquidity issues stemming from the bankruptcy of its parent company in the U.S. The Canadian unit’s businesses listed about $80 million in total assets and about $30 million in liabilities, in addition to about $90 million in other potential liabilities that are the subject of pending litigation.
