NEW YORK (TheStreet) -- SunEdison (SUNE) stock is plummeting by 17.62% to $1.66 in mid-afternoon trading on Tuesday, as the renewable energy company is in debtor-in-possession negotiations with certain creditors on $725 million in second-lien loans, sources told Debtwire.
This week's talks have centered around providing the company with roughly $300 million in new liquidity.
Shares tanked as much as 19% earlier today in their biggest intraday drop since March 1, Bloomberg reports.
SunEdison delayed filing its annual report for a second time last week, citing "material weaknesses" in its financial reporting given problems with its IT system.
The report's deadline had already been extended, as the company conducted an internal investigation into the accuracy of the its expected financial position.
Separately, TheStreet Ratings team rates the stock as a "sell" with a ratings score of D.
SunEdison's weaknesses include its generally high debt management risk, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.
You can view the full analysis from the report here: SUNE
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.