Sunnova Energy International (NOVA) shares slid more than 16% Thursday, a day after The Wall Street Journal reported the company is in talks with creditors over roughly $8.5 billion debt, and possible bankruptcy.
The company has reportedly hired law firm Baker Botts and investment bank J.P. Morgan to gather financial data and discuss possible restructuring strategies, either though bankruptcy court or separate negotiations.
A group holding Sunnova's 2026 bonds and convertible notes might propose stock swap. Additionally, investment bank Ducera and law firm Paul Weiss might bring another debtholder to agree to eliminate convertible debt and existing equity.
Sunnova's most pressing concern is about $1 billion in bonds and convertible notes coming due in 2026, according to the Wall Street Journal.
Sunnova, Paul Weiss, Ducera and Baker Botts did not immediately respond to requests for a comment from MT Newswires, while JP Morgan declined to comment on the matter.
Price: 0.31, Change: -0.06, Percent Change: -16.15
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