Bankruptcy: Sunnova Energy International Inc.

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.