Bankruptcy: Sunnova Energy International Inc.

Form Type: 8-K

Filing Date: 2025-06-16

Corporate Action: Bankruptcy

Type: Update

Accession Number: 000177269525000112

Filing Summary: Sunnova Energy International Inc. filed this Form 8-K to provide an update regarding its Chapter 11 bankruptcy proceedings. On June 8, 2025, the Company and its subsidiaries filed voluntary petitions for relief under Chapter 11 in the Southern District of Texas. On June 13, 2025, the Company entered into a Superpriority Senior Secured Debtor-in-Possession (DIP) Credit Agreement with lenders providing a $90 million credit facility to fund its operations during the bankruptcy process. The DIP Loans will cover various obligations, including operational expenses and administrative costs related to the bankruptcy. Additionally, on the same day, certain subsidiaries signed the Solaris Asset Purchase Agreement with Solaris Assets, LLC and others to sell the majority of its assets, excluding specified excludable assets, for a total of $10 million and a credit bid related to DIP Obligations. The companies involved are designated as the stalking horse bidder, subject to auction processes regulated by the Bankruptcy Court. The agreements and credit facility are crucial for the Company's restructuring efforts, with significant restrictions on additional borrowing and asset disposition during this period.

Form Type: 8-K

Filing Date: 2025-06-10

Corporate Action: Bankruptcy

Type: New

Accession Number: 000177269525000110

Filing Summary: On June 9, 2025, Sunnova Energy International Inc. filed for Chapter 11 bankruptcy, along with Sunnova Energy Corporation and Sunnova Intermediate Holdings, LLC. The filing occurred in the Southern District of Texas. Following this, the New York Stock Exchange notified the company that it would commence proceedings to delist the company’s common stock due to the bankruptcy, and trading was immediately suspended. The common stock is expected to trade on the Pink Open Market, which is a less liquid market compared to the NYSE. The company has indicated that it does not plan to appeal the delisting and warned that shareholders could face significant losses. Furthermore, they have issued a press release regarding the situation, which is attached as Exhibit 99.1 in the filing. The company cautions that trading in its securities during the bankruptcy proceedings poses substantial risks and the trading prices for its securities may not accurately reflect any future recovery for shareholders.

Form Type: 8-K

Filing Date: 2025-06-09

Corporate Action: Bankruptcy

Type: New

Accession Number: 000177269525000105

Filing Summary: On June 8, 2025, Sunnova Energy International Inc. and its subsidiaries filed voluntary petitions for relief under Chapter 11 in the United States Bankruptcy Court for the Southern District of Texas. The petitions are aimed at jointly administering the bankruptcy cases as 'In re Sunnova Energy International Inc., et al.' The companies plan to operate as 'debtors in possession' and pursue a sale process for certain assets while seeking customary first-day relief. The filings will impact various financial obligations and may lead to a delisting from the New York Stock Exchange due to non-compliance with listing requirements as a result of the bankruptcy. The Company is engaging with stakeholders for potential financing arrangements and warns that holders of its common stock could experience significant losses depending on the bankruptcy outcomes.

Form Type: 8-K

Filing Date: 2025-06-09

Corporate Action: Bankruptcy

Type: New

Accession Number: 000177269525000108

Filing Summary: Sunnova Energy International Inc. filed for Chapter 11 bankruptcy on June 8, 2025, along with its subsidiaries, Sunnova Energy Corporation and Sunnova Intermediate Holdings, LLC, in the United States Bankruptcy Court for the Southern District of Texas. The company has entered into significant agreements including a Third Amended and Restated Credit Agreement and an Asset Purchase Agreement, allowing Sunnova TEP Holdings to acquire certain assets for $15 million. Additionally, on June 9, 2025, a Solar Power System Purchase Agreement was executed with Lennar Homes, LLC for approximately $16 million. Both agreements require Bankruptcy Court approval and contain customary representations and warranties typical for transactions involving a bankruptcy situation. The company cautions investors about the speculative nature of its securities trading during this period, as recoveries for shareholders may vary significantly depending on the bankruptcy proceedings’ outcomes and conditions.

Form Type: 8-K

Filing Date: 2025-06-05

Corporate Action: Bankruptcy

Type: New

Accession Number: 000177269525000102

Filing Summary: On June 1, 2025, Sunnova TEP Developer, LLC, a wholly owned subsidiary of Sunnova Energy International Inc., filed for Chapter 11 bankruptcy in Texas. This filing triggered a default on certain debt obligations under two indentures, potentially impacting financial instruments associated with the company. Additionally, on May 29, 2025, the company's board approved a significant reduction in force, affecting approximately 55% of its workforce, aimed at reducing operating expenses and preserving stakeholder value. However, financial implications of this reduction in force are currently undetermined. Furthermore, the company disclosed on the same date that it entered into an Executive Severance Agreement with Robyn Liska, effective May 28, 2025, as is customary for executive hires, while Ms. Liska remains in her position without severance at this time.

Form Type: NT 10-Q

Filing Date: 2025-05-12

Corporate Action: Bankruptcy

Type: New

Accession Number: 000177269525000082

Filing Summary: Sunnova Energy International Inc. has filed a Form NT 10-Q on May 12, 2025, notifying that it is unable to file its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2025, due to unreasonable effort and expense. The company has been engaged in discussions with third parties regarding its indebtedness, leading to an additional debt facility, amendments to credit agreements, deferrals of interest payments, and entry into forbearance agreements. The Board of Directors has formed a Special Committee to evaluate the financial condition and consider strategic alternatives. There are substantial doubts about the company's ability to continue as a going concern, and if its financial plans do not succeed, bankruptcy protection may be sought under the U.S. Bankruptcy Code. Additionally, the anticipated results for the quarter showed a significant decline in net loss, escalating from $90.1 million in Q1 2024 to $264.7 million in Q1 2025, attributed in part to a $96.0 million non-cash impairment related to intangible assets.

Form Type: 8-K

Filing Date: 2025-05-02

Corporate Action: Bankruptcy

Type: New

Accession Number: 000177269525000076

Filing Summary: On May 2, 2025, Sunnova Energy International Inc. entered into a Forbearance Agreement to address a Specified Default regarding an interest payment on its senior notes. The Company elected to defer making an interest payment of approximately $23.5 million on its 11.750% Senior Notes due 2028, which constituted an Event of Default under the terms of the applicable indentures. The Forbearance Agreement allows for a temporary suspension of the holders' rights regarding the Specified Default until May 8, 2025, providing time for discussions on a potential debt reduction and financial restructuring. This agreement involves beneficial holders of the 11.750% and 5.875% Senior Notes, aiming to prevent immediate acceleration of the debt while the Company seeks ways to enhance its financial flexibility. The document also includes forward-looking statements about the Company's prospects and ongoing efforts to manage its liquidity and debt issues.