Shares in solar energy company SunEdison are down 11% in after hours trading, as a rumor that sent the stock upwards during the day was denied.
The stock gained 7% during Wednesday's trading session on a rumor that Blackstone's credit arm GSO planned to backstop SunEdison's debt. The solar company has seen its stock fall 83% since the start of the year.
After the close Reuters reported that GSO was not looking to invest in SunEdison.
SunEdison's stock fell 24% on Tuesday as the investor worried over whether the company would have enough cash to cover its obligations to two yieldcos it owns. Yieldcos are separate companies SunEdison created to own and operate its specific energy projects — and their financing arrangements are complicated.
More importantly, they're expensive, and the company is holding a lot of debt. Already SunEdison has had to pay $152 million towards a margin loan for one of its yieldcos, TerraForm.
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