Sunedison Inc SUNE hired Skadden, Arps, Slate, Meagher & Flom as legal adviser and Houlihan Lokey as financial adviser as the company appears to be moving forward with its bankruptcy process.
Bloomberg, citing "two sources familiar with the situation," reported the company's advisers will help reorganize $11.7 billion in short and long-term debt that Sunedison raked up.
Related Link: Needham Drops Sunedison Bomb: Assets Will Sell For 'Pennies,' Bankruptcy Is Only Possible Outcome
The report added that "SunEdison has twice delayed filing 2015 annual report, putting Co. at risk for technical defaults on at least $1.4 billion in debt."
Bloomberg also noted that SunEdison's YieldCo TerraForm Global Inc GLBL and TerraForm Power Inc TERP have warned of a "substantial risk" SuneEdison will soon be seeking bankruptcy protection.
Shares of SunEdison were trading higher by more than 5 percent at $0.41 Tuesday afternoon.
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