In a filing with the U.S. Securities and Exchange Commission (SEC) Friday morning, SunEdison Inc. (NYSE: SUNE) said it has entered into confidentiality agreements with certain of its first- and second-lien lenders related to proposed debtor-in-possession financing for the struggling solar PV maker. As part of the agreement, SunEdison filed a copy of a presentation it made to second-lien lenders on March 17, 2016, less than two weeks following the company’s termination of its deal to acquire Vivint Solar Inc. (NYSE: VSLR).

The presentation filed Friday morning identifies three key goals for SunEdison:

• Maximize value for all SunEdison stakeholders.
• Move through the process as quickly as possible to maximize value and future growth potential.
• Focus on core regions (North America, India, Latin America) while growth regions are on “hot idle” until liquidity improves.

To meet these goals the company specified four key enablers:

• Achieve $310 million of financing.
• Realize relief from select obligations, including earn-outs.
• Monetize residential and small commercial business unit.
• Reduce operating costs to $400 million or less.

To achieve its goal of $310 million the company would pledge all the assets it had already used to secure its first- and second-lien loans, and virtually every other asset the company had:

1. All assets pledged by subsidiaries that own various operating projects
2. All assets pledged by subsidiaries that own various projects being sold
3. All assets pledged by subsidiaries that own various projects under development
4. Assets of the Residential Services business
5. Unencumbered real estate

This and the accompanying presentation slides look to us as though they form the basis for a debtor-in-possession financing package that gives SunEdison a path to stay in business for the rest of this year. SunEdison would maintain both its yieldcos, TerraForm Power Inc. (NASDAQ: TERP) and TerraForm Global Inc. (NASDAQ: GLBL), sell its residential and small commericial business, shift its focus to selling projects at full-notice to proceed (FNTP) and consolidate operations to drive efficiency. Cash flow at the end of 2016 is projected at $259 million under this scenario.

The full presentation was filed as Exhibit 99.1 with the Form 8-K.

The company’s stock is getting battered again, down about 34% at $0.39 shortly before noon on Friday. The stock’s 52-week range is $0.20 to $33.45.