:max_bytes(150000):strip_icc()/GettyImages-2191015826-e2197c8e96b34720806fbe19db05e53c.jpg?w=1500&resize=1500,1000&ssl=1 "Sunnova Inventory Hits All-Time Low on Report Photo voltaic Agency Might File for Chapter")
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Key Takeaways
- Sunnova Vitality Worldwide reportedly is seeking to restructure its debt, and that will embrace submitting for chapter safety.
- The Wall Road Journal mentioned the large maker of residential photo voltaic panels is placing collectively monetary information wanted to begin negotiations with collectors.
- Earlier this week, founder and longtime CEO William “John” Berger resigned as Sunnova’s monetary struggles grew.
Sunnova Vitality Worldwide (NOVA) traded at an all-time low on phrase the producer of rooftop photo voltaic panels is working to restructure its debt, and that might embrace declaring chapter.
The Wall Road Journal reported that the corporate is getting ready to fulfill with collectors to think about choices to ease its $8.5 billion in debt. The paper added that might occur in or out of chapter safety.
Citing individuals conversant in the matter, the Journal mentioned Sunnova is working with the legislation agency of Baker Botts and funding financial institution JPMorgan to place collectively monetary data wanted to start talks with lenders and bondholders about lowering its debt and addressing near-term bond maturities.
It defined that Sunnova’s most quick concern was coping with virtually $1 billion price of bonds and convertible notes due in 2026.
Longtime CEO Stepped Down Monday
The information got here simply three days after the corporate named Paul Mathews to be its new CEO, taking on instantly for founder and longtime CEO William “John” Berger, who stepped down amid Sunnova’s monetary woes.
When reached by Investopedia in regards to the report, a spokesperson for Sunnova had no remark.
Shares of Sunnova Vitality Worldwide plummeted 24% in late-morning buying and selling. They’ve misplaced about 94% of their worth previously 12 months.
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