Shareholder cuts stake in SunEdison

In an SEC filing, SunEdison’s shareholder David Einhorn’s Greenlight Capital announced that it no longer held more than 5% stake in the company. 

Greenlight’s stake in the troubled renewable-energy company is now 1.6%, down from 4% in January.

SunEdison teethers on the brink of bankruptcy. Previously, the CEO of its subsidiary was forced to resign amid shareholder pressure.

Mr. Einhorn’s own stake in SunEdison had reduced by more than half to 2.8% from 6.8%, according to filings.

The troubled company’s stock began its rapid decline soon after its plans to acquire Vivint Solar for $2.2bn. The planned merger eventually failed and SunEdison is being sued by Vivint.

Previously, in January 2016, SunEdison named a representative for Greenlight Capital to its eight-person board.

Source:  TheStreet