Sunnova Energy's Chapter 11 bankruptcy plan confirmed by US court
Sunnova Energy's Chapter 11 bankruptcy plan has been confirmed by a U.S. bankruptcy court following the sale of most of its assets to Solaris Assets. The company filed for bankruptcy in June due to rising debt and declining demand. The Bankruptcy Court for the Southern District of Texas approved the plan, which includes appointing a creditor trustee to manage the distribution of sale proceeds to creditors and oversee the closure of remaining operations.
Nov 12 (Reuters) - Sunnova Energy (NOVAQ.PK) said on Wednesday a U.S. bankruptcy court has confirmed its Chapter 11 plan, after the sale of most of its assets to Solaris Assets.
The company had filed for Chapter 11 bankruptcy protection in June, as the residential solar panel installer was pressured by mounting debt and weakening demand.
The approval by the Bankruptcy Court for the Southern District of Texas follows the previously approved sale of substantially all of Sunnova’s assets and business operations to Solaris Assets.
Under the confirmed plan, a creditor trustee will be appointed to distribute the sale proceeds to creditors and manage the closure of the company’s remaining operations.
