SunEdison (SUNE) is on the "broken dreams road," TheStreet's founder Jim Cramer said Thursday. 

The solar-energy company, which operates two yieldcos in TerraForm Power (TERP) - Get Report and TerraForm Global (GLBL) , filed for bankruptcy Thursday.

SunEdison, a former $10 billion company that traded around $33 per share in July, has not seen shares above $1 since mid-March. 

TERP and GLBL are not included in the case and were trading up midday Thursday nearly 8% and 13%, to $10.33 and $2.94 per share, respectively.

SunEdison said it has secured commitments for up to $300 million in debtor-in-possession financing from a consortium of first- and second-lien lenders, and implied that it intends to emerge from Chapter 11 Bankruptcy as a more "streamlined and efficient operator."

But the company is dead to rights in Cramer's eyes, and should not be viewed as a viable stock play for investors.

In relation to SunEdison shares soaring in 2015, Cramer says a lot of people got caught up in what was the greatest story of all time.  

The Maryland Heights, Mo. debtor has done a deal too many, Cramer explains, and is definitely not a name to get behind. 

"This is not an American Airlines," he warned, "where you can go buy that common stock and expect to make anything. It's just a zero."