Ayse Kelce

2 weeks ago | ionanalytics.com | Ayse Kelce |Ben Miller

Sunnova has largely stopped originating new business as the residential solar company struggles to pay dealers and explores restructuring options, said three sources familiar with the matter. The Houston-based company halted originating deals in the first quarter, the sources said. Likewise, the company has taken offline a customer referral program. Sunnova has been working to move existing projects to completion, said two of the sources.

3 weeks ago | ionanalytics.com | Ayse Kelce |Madalina Iacob |Ben Miller

Sunnova recently furloughed many employees after issuing a going concern warning in early March, according to public LinkedIn posts by employees and a source familiar. The furlough is expected to last at least through the end of April, according to automatic email replies from the furloughed employees’ email addresses and the source familiar. At least some staff have been told they won’t be paid for the period of the furlough, said the source familiar.

2 months ago | ionanalytics.com | Lisa Fu |Nicholas Morgan |Ayse Kelce |Ben Miller

In the secretive world of direct lenders and financial sponsors, distressed portfolio companies are typically restructured out of the public eye. In some cases, though, companies have no choice but to file for bankruptcy to fix broken capital structures and eliminate other liabilities. Advisors say the decision can come down to weighing the higher cost and publicity of a Chapter 11 case versus the unique benefits bankruptcy can provide.

2 months ago | ionanalytics.com | Ayse Kelce |Madalina Iacob |Lavanya Nair |Ben Miller

Change of control deals are at the top of restructuring practitioners’ agendas for 2025 following years of efforts by companies to push out maturities and boost liquidity through liability management exercises. The sometimes-controversial LME maneuvers are hardly going away, though, and are expected to remain the first port of call for distressed companies.

Jan 14, 2025 | ionanalytics.com | Lavanya Nair |Ayse Kelce |Madalina Iacob |Ben Miller

Lenders to City Brewing are in discussions with the company to take the keys of the business from existing sponsors Charlesbank Capital Partners and Oaktree Capital Management, said three sources familiar with the matter. The lenders are eying an out of court process for a change of control after injecting bridge capital in a transaction that closed at the beginning of January, said two of the sources. It remains possible the deal will have to be executed in court, the third source said.