The two yieldcos of bankrupt US renewables company SunEdison (OTCMKTS:SUNEQ) are still unable to file their previous financial reports and would delay those for the third quarter as well, they said in regulatory filings.
TerraForm Power Inc (NASDAQ:TERP) and sister company TerraForm Global Inc (NASDAQ:GLBL) both said they are yet to file their reports for the first and second quarters of 2016, as well as their Form 10-K for the year ended December 31, 2015. The companies need to do so in order to file their Q3 Form 10-Q.
“This process could require substantial time and resources, and we can provide no assurance that our ongoing review will not identify additional material weaknesses or other issues that would require remediation,” they said.
As previously announced, the yieldcos delayed the filing of their annual report for 2015 because SunEdison identified “material weaknesses in its internal controls over financial reporting”. SunEdison’s two yieldcos share the same accounting systems with their bankrupt parent.
Meanwhile, Canada-based Brookfield Asset Management Inc (TSE:BAM.A) said it was discussing with board members of both TerraForm companies certain share purchase transactions, including a potential takeover of the yieldcos.