:max_bytes(150000):strip_icc()/GettyImages-2191015826-e2197c8e96b34720806fbe19db05e53c.jpg?w=1920&resize=1920,1267&ssl=1 "Sunnova Stock Hits All-Time Low on Report Solar Firm May File for Bankruptcy | Global News Avenue")
Sunnova Stock Hits All-Time Low on Report Solar Firm May File for Bankruptcy
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Key Points
- Sunnova Energy International reportedly wants to restructure its debt, which could include filing for bankruptcy protection.
- Wall Street Journal The large manufacturers of residential solar panels are collated for financial data needed to negotiate with creditors, said.
- Founder and long-time CEO William “John” Berger resigned earlier this week as Sunnova’s financial struggle evolved.
Sunnova Energy InternationalNova) At an all-time low, rooftop solar panel manufacturers are working to restructure their debts, which could include an announcement of bankruptcy.
Wall Street Journal The company is reportedly preparing to meet with creditors to consider deducting its $8.5 billion debt relief option. This could happen inside or outside the bankruptcy protection, the paper added.
Quoting someone familiar with this Magazine Sunnova is working with the law firm of Baker Botts and investment bank JPMorgan to start the financial information needed to start talks with lenders and bondholders, which involves reducing debt and addressing near-term bond maturity.
It explains that Sunni’s most direct concern is dealing with nearly $1 billion in bonds and convertible notes in 2026.
Long-term CEO resigned on Monday
The news came only three days after the company appointed Paul Mathews as new CEO, who immediately took over as founder and long-time CEO William “John” Berger, who resigned amid Sunni financial woes.
On arrival Investopedia A Sunni spokesperson did not comment on the report.
Sunnova Energy International’s stock plunged 24% in morning trading. In the past 12 months, they have lost 94% of their value.
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