Time is running out for SunEdison.
The Belmont, Calif.-based renewable energy giant has until March 30 to submit its 2015 annual report, a document the company has delayed filing twice already this year, Bloomberg reports. If SunEdison (sune) blows past a third deadline, it will have to begin negotiating with creditors on an outstanding $1.4 billion it has borrowed, lest the company confront technical default.
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“They have a big issue coming with their debt,” Patrick Jobin, a Credit Suisse Group analyst, told Bloomberg. Indeed, the company’s debt ballooned to $11.67 billion in the third quarter of last year from $7 billion in the last quarter of 2014, according to its most recent earnings report—a spike fueled in part by an international shopping spree for clean energy projects and developers. Now questions remain about whether the company can make good on its financial commitments, the analyst said.
“We’re sitting here blindfolded,” Jobin reportedly added. “I don’t even know what cash-generating assets they have left.”
The company must produce the annual report within 90 days after its fiscal year’s close, according to one credit lien agreement filed with the Securities and Exchange Commission, as Bloomberg notes. That makes a March 30 deadline, plus a standard 15-day grace period to address the breach of contract (April 14).
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It’s possible that the six lending banks—which consist of Goldman Sachs (gs), Deutsche Bank (db), Wells Fargo (wfc), Macquarie, Barclays (bcs), and KeyCorp (key)—may grant the company an extension. That may involve SunEdison having to renegotiate terms, which could include higher interest rates or lower credit limits. To prevent that, the company must file its 10-K report soon.
A spokesperson with Deutsche Bank, Macquarie, and Goldman Sachs declined to comment. SunEdison and the remaining banks did not immediately reply to Fortune’s request for comment.