Sky Solar: Court Records Show That Lender Already Withdrew Buyout Proposal But Retail Investors Don't Seem To Realize It Yet [Seeking Alpha]
SKY SOLAR HOLDINGS LTD AMERICA (SKYS)
US:NASDAQ Investor Relations:
ir.skysolarholdings.com
Company Research
Source: Seeking Alpha
Sky Solar: Court Records Show That Lender Already Withdrew Buyout Proposal But Retail Investors Don't Seem To Realize It Yet Summary A key lender recently noted SKYS to be in default, but shares spiked on a company press release indicating that the lender proposed to buy SKYS for $2.15-$2.25 per share. Retail investors seem to have taken the release at face value, but court filings show that those proposals were actually withdrawn after the lender learned of a new $121m liability. Instead, the lender has begun to seize SKYS assets, including a significant Luxembourg subsidiary which it has now fully appropriated. The company’s financial state was weak prior to the new $121m liability and the recent note default. SKYS has had 3 CFOs within the span of 6 months. We expect the stock to dive as retail investors realize what’s actually going on. SKYS looks to be approaching insolvency and we do not anticipate the equity will survive. Introduction An interesting thing has happened with Sky
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