SunEdison (SUNE) appears to have had some business it wanted to address before the holiday weekend.
On Thursday, the company said in an 8-K filing that it is speaking with investors and lenders about securing a $650 million second-lien credit facility. If secured, a portion of the proceeds would be used to pay off its existing second-lien credit facility. Wall Street applauded the move as shares of the Missouri-based renewable energy company closed up nearly 10% in Thursday's shortened trading day.
Even so, Gordon Johnson, a managing director at Axiom Capital Management, remains skeptical about the company's prospects.
"The bear case on SunEdison is do they have liquidity to make it through 2016?" Johnson said in a phone interview with Real Money.
Furthermore, Johnson questioned the rationale behind SunEdison filing an 8-K about its attempts to restructure rather than filing when the company actually completed its restructuring.
"Nothing has actually happened," Johnson said. "Theoretically, a company could put out a press release every day on what it's attempting to do."
The company also announced on Thursday it is lowering its guidance -- released last month -- on megawatts delivered for the fourth quarter of 2015 and the first quarter of 2016. Even with the lowered first-quarter projections, the full-year guidance for megawatts delivered in 2016 remains unchanged.
SunEdison officials had no immediate comments on the announcements.
The timing of the company's announcements raised some questions for Johnson as well, given that they were made on a shortened trading day before a major holiday weekend.
SunEdison's yieldco, TerraForm Power (TERP), similarly submitted several 8-K filings to the SEC over the Thanksgiving holiday weekend. The filings detailed a number of management changes and board resignations that occurred a week prior to when the filing was submitted.
Given the company's recent history, followers of the company may want to spend New Year's Eve in front of their computer.
