Latest news with #chapter11
Wall Street Journal
6 days ago
- Business
- Wall Street Journal
At Home Group Enters Chapter 11 Amid Restructuring
At Home Group has entered a restructuring support agreement with lenders to eliminate substantially all of its nearly $2 billion in funded debt and has obtained about $200 million of capital to support operations. Under the terms of the agreement, At Home and certain subsidiaries have voluntarily entered chapter 11 proceedings in the U.S., a move the company said will strengthen its financial foundation and position it for long-term success.
Yahoo
11-06-2025
- Automotive
- Yahoo
Marelli Initiates Voluntary U.S. Chapter 11 Proceedings to Strengthen Financial Position and Facilitate a Value-Maximizing Restructuring
Reaches Restructuring Support Agreement ("RSA") with Approximately 80% of Lenders Secures Commitment of $1.1 Billion in Debtor-in-Possession ("DIP") Financing from Lenders 100% of Secured Debt to be Eliminated Access to New Liquidity Designed to Support Normal Course Business Operations; Marelli will Continue Delivering Reliable, High-Performance Products for Customers TOKYO, June 11, 2025 /PRNewswire/ -- Marelli Holdings Co. Ltd. ("Marelli" or the "Company"), a global technology partner to the automotive industry, today announced that it has commenced voluntary chapter 11 cases in the United States Bankruptcy Court for the District of Delaware in order to comprehensively restructure its long‑term debt obligations. Approximately 80% of the Company's lenders have signed an agreement to support the restructuring (the "Restructuring Support Agreement"), which will deleverage Marelli's balance sheet and strengthen its liquidity position. Throughout this process and moving forward, Marelli does not expect any operational impact from the chapter 11 process, and the Company will continue to work closely with its customers, suppliers, and partners to innovate and invest in its portfolio of advanced technologies that will differentiate the vehicles of the future and transform mobility. A complete list of the Marelli affiliates involved in the chapter 11 cases can be found at "At Marelli, we have been proactive in making necessary adjustments to stabilize our financial position so that we can continue to deliver long-term benefits for our valued customers, partners and employees," said David Slump, President and CEO, Marelli. "While we are pleased with our recent progress and profitability, industry-wide market pressures have created a gap in working capital that must be addressed. After careful review of the Company's strategic alternatives, we have determined that entering the chapter 11 process is the best path to strengthen Marelli's balance sheet by converting debt to equity, while ensuring we continue operating as usual. Taking this action now provides access to new liquidity to fund our long-term growth and innovation pipeline, and ensures our customers and partners all over the world can continue to rely on Marelli for on-time delivery of advanced technologies that shape the vehicles of the future." Mr. Slump continued, "Marelli's focus on innovation, digitalization and technology has never been stronger. As we move through this process, we will continue to serve our customers and work with our suppliers and partners as they have come to expect. We are also grateful for the hard work and dedication of our employees who remain focused on delivering the best service possible." To support the Company during this process, Marelli has received a significant commitment for $1.1 billion in debtor-in-possession financing ("DIP Financing") from its lenders. This additional capital underscores lenders' continued support and confidence in the Company's underlying business and its long-term potential. Upon Court approval, the DIP Financing, coupled with cash generated from the Company's ongoing operations, is expected to provide sufficient liquidity to support the Company through the chapter 11 process. In addition to the DIP Financing, the Restructuring Support Agreement provides for a comprehensive deleveraging transaction through which the DIP Lenders will take ownership of the business upon emergence from chapter 11, subject to a 45-day overbid process. Marelli filed a number of customary first day motions seeking Court approval to continue its operations throughout the chapter 11 process, including, among other things, payment of employee wages and benefits without interruption and continuation of programs that are integral to customer relationships. The Company anticipates receiving Court approval for these requests and intends to continue honoring its obligations to key stakeholders post‑filing, including by satisfying payment obligations to suppliers for goods and services provided in accordance with customary terms after the filing. The Company will be working with its suppliers regarding obligations which arose before the chapter 11 filing to reach agreements on payment terms. Additional InformationAdditional information about Marelli's financial restructuring is available at Court filings and other information related to the proceedings, including the claims process, are available on a separate website administrated by the Company's claims agent, Verita, at by calling Verita's representatives toll-free at 877-606-7509 or +1 310-751-2626 for calls originating outside of the U.S. or Canada; or by emailing Verita at AdvisorsKirkland & Ellis LLP is serving as legal counsel to Marelli. PJT Partners Inc. is serving as financial advisor and Alvarez & Marsal LLC is serving as restructuring advisor to Marelli. Akin Gump Strauss Hauer & Feld LLP, Houlihan Lokey, and AlixPartners LLP are serving as advisors to an ad hoc group of lenders. About MarelliMarelli is a global mobility technology supplier to the automotive sector. With a strong and established track record in innovation and manufacturing excellence, our mission is to transform the future of mobility through working with customers and partners to create a safer, greener, and better-connected world. With around 45,000 employees worldwide, the Marelli footprint includes over 150 sites globally. View original content: SOURCE Marelli
Business Wire
10-06-2025
- Business
- Business Wire
Sunnova Announces Strategic Action to Facilitate Value-Maximizing Sale Process
HOUSTON--(BUSINESS WIRE)--Sunnova Energy International Inc. ('Sunnova' or the 'Company') (NYSE: NOVA) today announced that on June 8, 2025, the Company and certain of its subsidiaries voluntarily filed petitions for chapter 11 relief in the United States Bankruptcy Court for the Southern District of Texas ('the Court') to facilitate a sale process for certain of the Company's assets and business operations. The Company intends to continue operating its business in the ordinary course throughout the sale process. In order to maximize value for all stakeholders, Sunnova will conduct a court-supervised sale process to elicit the highest or otherwise best bid for the Company's assets. Sunnova expects to complete the marketing and sale process, which will provide interested parties the opportunity to submit competing bids for the Company's assets, in approximately 45 days. 'Today's actions mark a critical step towards securing a value-maximizing outcome for Sunnova's stakeholders,' said Paul Mathews, Chief Executive Officer of Sunnova. 'Throughout this process, maintaining continuity of service for our customers is our top priority as we work to secure a long-term solution for our business operations under new ownership. I'm incredibly grateful to our dedicated Sunnova team for their hard work and commitment. We have built an innovative power provider, and I continue to believe deeply in the future of our industry and the promise of residential solar and storage.' Sunnova intends to continue to monitor, manage, and service solar and storage systems in the ordinary course during the sale process. The Company plans to communicate directly with customers regarding any material changes that may impact the service and support provided by Sunnova. Entry into the Asset Purchase Agreement and Settlement Agreement with ATLAS SP Partners and Solar Power System Purchase Agreement with Lennar Homes, LLC Sunnova announced that it has entered into an asset purchase agreement (the 'Asset Purchase Agreement') between Sunnova Energy Corporation ('SEC'), Sunnova TEP Developer, LLC ('TEP Developer'), Sunnova TEP Holdings, LLC ('TEP Holdings'), and Sunnova TEP Holdings Subsidiary, LLC ('TEPH Subsidiary') under which certain solar systems, and rights and customer agreements related to them, will be sold to TEPH Subsidiary. The purchase price of $15.0 million will be paid from proceeds borrowed under TEP Holdings' existing warehouse credit facility. ATLAS SP Partners ('ATLAS'), Sunnova, and certain of its affiliates also entered into a settlement agreement (the 'Settlement Agreement'). Upon approval of the Asset Purchase Agreement and Settlement Agreement by the Court, Sunnova will facilitate ATLAS' direct negotiations with certain dealers and installers that have worked with Sunnova in the past with the goal of completing certain in-process solar systems. The Asset Purchase Agreement and Settlement Agreement will provide Sunnova with additional liquidity to support its operations and the payment of employee obligations during the chapter 11 process. The Company has also entered into an Asset Purchase Agreement (the 'Solar Power System Purchase Agreement') with Lennar Homes, LLC. Upon Court approval, Lennar will acquire certain assets related to Sunnova's New Homes business unit for aggregate consideration of approximately $16.0 million. Tax Equity Partnerships and Asset Backed Securities Remain Intact The chapter 11 filing and the various transactions in connection with it will not have any material impact on Sunnova's closed tax equity partnership affiliates or asset-backed securities, as those investment structures are bankruptcy remote. The Company intends to continue to prioritize servicing and performance for the benefit of its asset-backed security holders and tax equity partners. Operations During Chapter 11 Sunnova intends to use the funds from the Asset Purchase Agreement and Solar Power System Purchase Agreement, upon approval by the Court, as well as cash-on-hand, to support core business operations during the initial period of the chapter 11 sale process as the Company works to finalize ongoing initiatives to secure additional capital. Among other customary relief, the Court granted interim approval on a number of customary 'First Day Motions' to facilitate a smooth transition into chapter 11, including requests for approval to continue to pay employee wages and benefits, maintain customer programs and service, and honor post-petition obligations to its commercial partners, providing the Company the ability to continue certain business operations during the chapter 11 process. The Company has also secured interim relief to continue to uphold and honor loan agreements, lease agreements, power purchase agreements, service agreements, managed solar renewable energy certificates and demand response agreements, warranties, and production guarantees throughout the chapter 11 process. This filing follows the voluntary chapter 11 petition filed by TEP Developer, a subsidiary of the Company, on June 1, 2025. Sunnova has sought relief to jointly administer these chapter 11 cases. Customers and commercial partners can find additional information regarding the Company's chapter 11 process at and at Stakeholders with questions can contact the Company's claims agent, Kroll, by calling (888) 975-5436 (U.S. and Canada toll free) or +1 (646) 930-4686 (International) or emailing SunnovaInfo@ Advisors Kirkland & Ellis LLP and Bracewell LLP are serving as legal counsel, Alvarez & Marsal is serving as financial advisor, Moelis & Company LLC is serving as investment banker, and C Street Advisory Group is serving as strategic communications advisor to the Company. About Sunnova Sunnova Energy International Inc. (NYSE: NOVA) is an industry-leading adaptive energy services company focused on making clean energy more accessible, reliable, and affordable for homeowners and businesses. Through its adaptive energy platform, Sunnova provides a better energy service at a better price to deliver its mission of powering energy independence™. For more information, visit Forward Looking Statements This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or the Company's future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as 'may,' 'will,' 'should,' 'expects,' 'plans,' 'anticipates,' 'going to,' 'could,' 'intends,' 'target,' 'projects,' 'contemplates,' 'believes,' 'estimates,' 'predicts,' 'potential' or 'continue' or the negative of these words or other similar terms or expressions that concern the Company's expectations, strategy, priorities, plans or intentions. Forward-looking statements in this press release include, but are not limited to, statements regarding the debtors' continued operation of the business in the ordinary course throughout the sale process; the Company's expectation to be granted 'first day' motions and the ability to pay for certain continuing obligations, including, but not limited to, employee wages and benefits, maintain customer programs and service and uphold and honor certain agreements, certificates and guarantees; the Company's ability to honor its obligations under certain financing structures; and any assumptions underlying any of the foregoing. All statements, other than statements of historical fact, are forward-looking statements. Any such forward-looking statements may involve risk and uncertainties that could cause actual results to differ materially from any future results encompassed within the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the Company's ability to fund its planned operations and its ability to continue as a going concern; the adverse impact of the chapter 11 cases on the Company's business, financial condition and results of operations; the Company's ability to improve its liquidity and long‑term capital structure and to address its debt service obligations; the Company's ability to maintain relationships with customers, employees and other third parties as a result of the chapter 11 cases; the effects of the chapter 11 cases on the Company and the interests of various constituents, including holders of the Company's common stock; the Company's ability to obtain court approvals with respect to motions filed or other requests made to the Court throughout the course of the chapter 11 cases; the length of time that the Company will operate under chapter 11 protection and the continued availability of operating capital during the pendency of the chapter 11 cases; risk associated with third-party motions in the chapter 11 cases; the Company's ability to maintain the listing of its common stock on The New York Stock Exchange, and the resulting impact of a delisting; and the risks and other important factors discussed under the caption 'Risk Factors' in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as amended, and subsequent Quarterly Reports on Form 10-Q. These forward-looking statements should not be relied upon as representing the Company's views as of any subsequent date, and the Company is under no obligation to, and expressly disclaims any responsibility to, update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law.
CNBC
09-06-2025
- Business
- CNBC
Stocks making the biggest moves midday: Warner Bros. Discovery, TopGolf Callaway, EchoStar, Apple & more
Check out the companies making the biggest moves midday: Warner Bros. Discovery – Shares jumped 7% after Warner said it will split into two publicly traded companies by next year. One company will host WBD's streaming services and movie properties, while the other will include its cable networks such as CNN and TNT Sports. Universal Health Services — The hospital operator fell more than 6% after CFO Steve Filton said at a conference that procedural volumes "have been slower to recover back to historical levels than we might have imagined." He also raised concerns over how President Donald Trump's spending bill could evolve as it goes through the Senate, and what that would mean for the hospital industry, according to a FactSet transcript. Topgolf Callaway Brands — The golf equipment stock rallied 8% following director Adebayo Ogunlesi's disclosure on Friday that he had bought 383,700 shares. Following the transaction, Ogunlesi owns 512,600 shares. Quaker Chemical – The metal processing fluid company, which does business as Quaker Houghton, jumped 10%. On Monday, Jefferies upgraded the stock to buy from hold, seeing more than 33% upside on the back of improving steel demand conditions and increasing infrastructure spending. EchoStar – Shares tumbled 6% after the Wall Street Journal, citing people familiar, reported the telecommunications company is considering filing for bankruptcy under chapter 11 . The company is trying to protect its wireless spectrum licenses that are under review by the Federal Communications Commission, the report said. Apple — Shares of the iPhone maker are up slightly ahead of the company's closely watched Worldwide Developers Conference in Cupertino, California . Investors are eager to hear more about Apple's progress on Apple Intelligence, its response to generative AI models, at the meeting, which kicks off at 1 p.m. ET. Apple shares have lagged the market, with an 18% decline year to date. Robinhood , Applovin – Shares of Robinhood and Applovin fell 5% and 4%, respectively, after neither name was added to the S & P 500 on Friday. Both companies were considered possible candidates for inclusion in the index . Robinhood soared more than 13% last week leading up to the rebalance announcement, while Applovin advanced more than 6%. Intuitive Surgical — The surgical product maker slid 7% on the heels of Deutsche Bank's downgrade to sell from hold. Deutsche said the company's competitive moat is at risk. IonQ – The quantum computing stock climbed 2% after the company announced that it's agreed to acquire Oxford Ionics in a deal valued at $1.075 billion in cash and stock. The deal is expected to close in 2025. Circle — Shares of the stablecoin issuer jumped 10%, continuing its post IPO surge . Circle's stock is now nearly 300% above its $31 per share IPO price. McDonald's – The fast-food chain's stock slipped nearly 2% on the heels of a Morgan Stanley downgrade to equal weight from overweight. Morgan Stanley said the company hasn't been insulated from pressures on the fast food sector. Moelis & Co. — Shares were more than 1% lower. On Monday, The Wall Street Journal reported that CEO Ken Moelis is planning to step down from the role at the investment bank. He said in an interview that he's expected to become executive chairman, effective Oct. 1. Co-president Navid Mahmoodzadegan is slated to become CEO, the report said. Aon — Shares of the professional services company slipped 4% after Aon reaffirmed its full-year guidance during its investor day Monday. — CNBC's Sean Conlon, Lisa Han, Alex Harring, Michelle Fox, Christina Cheddar Berk and Jesse Pound contributed reporting.
CNBC
09-06-2025
- Business
- CNBC
Stocks making the biggest moves premarket: Warner Bros. Discovery, Tesla, Robinhood, IonQ and more
Check out the companies making headlines before the bell. Warner Bros. Discovery – Shares jumped nearly 9% after Warner said it will split into two publicly traded companies by next year. One company will host WBD's streaming services and movie properties, while the other will include its cable networks such as CNN and TNT Sports. Tesla – Shares of the electric vehicle maker dropped about 2% after Baird downgraded the stock to neutral from buy. The firm said that CEO Elon Musk's comments on robotaxi plans are "a bit too optimistic" and that Musk's relationship to President Donald Trump adds "considerable uncertainty." EchoStar – Shares tumbled 11% after the Wall Street Journal, citing people familiar, said the telecommunications company is considering filing for bankruptcy under chapter 11 . The company is trying to protect its wireless spectrum licenses that are under review by the Federal Communications Commission, the report said. Robinhood , Applovin – Shares of Robinhood and Applovin each fell about 4% after neither name was added to the S & P 500 on Friday, as both names were considered possible candidates for inclusion in the index . Robinhood soared more than 13% last week leading up to the rebalance announcement, while Applovin advanced more than 6%. IonQ – The quantum computing stock gained more than 7% after the company announced that it's agreed to acquire Oxford Ionics in a deal valued at $1.075 billion in cash and stock. The deal is expected to close in 2025. McDonald's – The fast-food chain's stock slipped nearly 1% on the heels of a Morgan Stanley downgrade to equal weight from overweight. Morgan Stanley said the company hasn't been insulated from pressures on the fast food sector. Moelis & Co. – Shares were marginally lower. On Monday, The Wall Street Journal reported that CEO Ken Moelis is planning to step down from the role at the investment bank. He said in an interview that he's expected to become executive chairman, effective Oct. 1. Co-president Navid Mahmoodzadegan is slated to become CEO, the report said. — CNBC's Alex Harring, Fred Imbert and Sarah Min contributed reporting.
