SunEdison Inc., the global renewable energy company, has announced on Wednesday suspending payment of quarterly dividends on its preferred stock. The announcement appears just two days after the embattled solar company delayed filing annual report due to an internal investigation into its financial position.

Meanwhile, the banks which have agreed to provide loans for SunEdison's acquisition of solar installer Vivint Solar for $1.9 billion. Goldman Sachs, Barclays, Citigroup and UBS Group, all have retreated from providing loans. Delay in furnishing the financial information undercuts prior loan agreements, according to a report published in St. Louis Post.

\The renewable energy giant has informed through a regulatory filing on Monday that it will delay submitting its 2015 earnings report. SunEdison board has been investigating claims from a former and a current employee, which has been cited as the reason for making delay. Both of the claimants challenge the accuracy of the company's financial disclosures, reports The Wall Street Journal.

SunEdison has suspended payment of quarterly dividends on its 6.75% series A perpetual convertible preferred stock. Following the news, stock of SunEdison has dropped more than 15% late Wednesday following the news. The company's stock has dropped over 22% on Tuesday following disclosure for delayed submission of quarterly earnings report, according to a report published in Fortune.

The renewable energy company has so far found no wrong doing. The review process is still continuing and liquidity position of the company may require to be reassessed. A SunEdison spokesman on Wednesday has declined to make further comments.

If the deal for acquiring Vivint hasn't been closed by March 18, both parties may walk away. Though SunEdison may seek for alternative financing sources to facilitate the deal, but its bleak stock scenario may make seeking difficult.

SunEdison stock has dipped more than 90% of its value since midsummer due to slide in oil price dragging down the energy stocks. Furthermore, investors' concerns over the Vivint transaction also played an important role for the stock debacle.

In July 2015, the Vivint deal for $1.9 billion has been announced. Later on, both the parties have agreed in a renegotiation deal to reduce the cash portion. Blackstone Group, Vivint's majority shareholder, has agreed taking stock in lieu of cash and extended a $250 million credit line to SunEdison.

SunEdison has revealed through a regulatory filing that it will make delay in submitting its quarterly earnings report. Just after two days, the renewable energy company again has announced suspension of quarterly dividends. Both these decision directly affects SunEdison's efforts to acquire Vivint, scheduled to be completed in March 18.