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Investing.com -- Sunnova Energy, a residential solar panel installer, has filed for Chapter 11 bankruptcy protection in the United States. The decision comes as the company grapples with growing debt and a decrease in demand.
On Sunday, the company’s shares were down by 36.4%, trading at 14 cents in premarket trading. The move to seek protection from creditors follows a warning issued by Sunnova in March, where it indicated that it might not be able to continue its operations.
According to documents submitted to the Bankruptcy Court for the Southern District of Texas, the company’s estimated assets and liabilities range between $10 billion and $50 billion. The filing also revealed that as of December 31, Sunnova had a total debt of $10.67 billion.
In a bid to reduce spending, Sunnova announced last week that it would lay off approximately 55% of its workforce. This translates to 718 employees losing their jobs.
Earlier in the month, Sunnova TEP Developer, a unit of the company, had also filed for Chapter 11 bankruptcy protection.
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