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Yahoo
2 days ago
- Business
- Yahoo
KBRA Comments on Chapter 11 Filing of Sunnova Subsidiary and Reduction in Workforce
NEW YORK, June 06, 2025--(BUSINESS WIRE)--In an 8-K filing on June 5, 2025, Sunnova Energy Corporation (Sunnova)—the sponsor and originator of 24 residential solar loan and lease transactions rated by KBRA1 —disclosed that its wholly-owned subsidiary, Sunnova TEP Developer, LLC (Sunnova TEP), had filed a voluntary petition for relief under Chapter 11 of U.S. Bankruptcy Code. Sunnova also reported that its Board approved a reduction in force, effective May 30, 2025, of approximately 718 employees or 55% of its workforce. Given these developments, it is plausible that additional Sunnova subsidiaries— and potentially Sunnova itself—may seek bankruptcy protection in the near future. KBRA is currently monitoring the situation, as it maintains ratings on 54 classes of notes issued from the 24 solar ABS transactions totaling $6.0 billion. These transactions comprise 13 loan and 11 lease deals, for which Sunnova also serves as production guarantor and performance guarantor. Even if Sunnova were to file for bankruptcy, neither that event nor the bankruptcy of Sunnova TEP, in and of itself, would directly trigger a manager or servicer termination event within the ABS, as neither entity is designated as the transaction manager or servicer under the transaction documents. However, two wholly-owned subsidiaries of Sunnova, Sunnova ABS Management or Sunnova TE Management, LLC (collectively, Sunnova Management), act as transaction manager and/or servicer and are responsible for the administration, collection, and management services for the related ABS. If either of these entities were to file for bankruptcy, it could trigger a manager or servicer termination event. Furthermore, the controlling class noteholders, which generally comprise the most senior noteholders, could cause a termination event if they deem that the bankruptcy of Sunnova (or any of its subsidiaries) has impaired Sunnova Management's ability to perform its duties. Each transaction includes a transition manager, Computershare Trust Company or Wilmington Trust, NA, which is responsible for overseeing the performance of the transaction manager or servicer and assists in the transition to a replacement manager if a manager termination event were to occur. The securitizations also have a back-up servicer that can mitigate the risk of payment disruption during a servicer transfer. It is KBRA's understanding that Sunnova Management plans to remain transaction manager and/or servicer for each transaction, as applicable. Each issuer is a bankruptcy-remote entity with a first-priority perfected security interest in the collateral. If a servicer transition event were to occur, there is the potential for temporary cash flow disruption to the trust during the transition process. Should this occur, KBRA will consider the magnitude of the disruption, along with potential increases in delinquencies, as part of its ongoing monitoring efforts to determining whether Watch Placements and/or rating actions need to be effectuated. The tables below depict the performance of the outstanding solar loan and lease transactions as of the latest payment date reports, dated May 2025. To date, timely interest distributions have been made to each of the related notes since closing. _________________ 1 Includes published and unpublished transactions. KBRA-Rated(1) Sunnova Solar Loan Transactions Transaction Name Closing Date Pool Factor Months Seasoned Delinquency Rate Cumulative Net Loss Sunnova 2019-A Jun-19 60.8% 71 2.0% 5.0% Sunnova 2020-A Jun-20 65.5% 59 2.4% 5.2% Sunnova 2021-A Feb-21 72.5% 51 2.6% 4.7% Sunnova 2021-B Jul-21 76.6% 46 2.3% 4.9% Sunnova 2021-C Oct-21 78.8% 43 2.8% 4.9% Sunnova 2022-A Feb-22 80.3% 39 2.6% 5.0% Sunnova 2022-B Aug-22 83.4% 33 3.3% 5.2% Sunnova 2022-C Nov-22 83.8% 30 3.3% 4.9% Sunnova 2023-A May-23 88.2% 24 2.5% 2.3% Sunnova 2023-B Aug-23 88.5% 21 2.5% 2.2% Sunnova Hestia 2023-GRID1 Nov-23 89.0% 18 3.7% 3.4% Sunnova Hestia 2024-GRID1 Jun-24 93.1% 11 5.9% 2.8% 1Does not include private transactions with unpublished ratings. Note: For Sunnova 2019-A, on the October 2021 Distribution date, Sunnova repurchased approximately $3.8 million of defaulted loans. KBRA cumulative net loss (CNL) levels include the re-purchased loans. For Sunnova 2022-C, on the April 2023 Distribution date, Sunnova repurchased approximately $1.7 million of defaulted loans. KBRA CNL levels include the re-purchased loans. For Sunnova Hestia 2023-GRID1 and Sunnova Hestia 2024-GRID1, the Class 1-A Notes benefit from a Department of Energy (DOE) guarantee for principal and interest payments (see related commentary here). KBRA-Rated(1) Sunnova Solar Lease Transactions Transaction Name Closing Date Pool Factor Months Seasoned DSCR Cumulative Gross Default Sunnova 2018-1 Nov-18 83.9% 79 1.47 5.3% Sunnova 2020-1 Feb-20 88.9% 64 1.55 3.4% Sunnova 2020-2 Nov-20 91.8% 54 1.48 3.3% Sunnova 2021-1 Jun-21 89.7% 48 1.48 1.8% Sunnova 2022-1 Jun-22 94.0% 35 1.43 0.8% Sunnova 2023-1 Apr-23 98.3% 25 1.17 0.4% Sunnova 2024-1 Feb-24 99.8% 16 1.15 0.1% Sunnova 2024-2 Aug-24 100.7% 10 1.17 0.0% 1 Does not include private transactions with unpublished ratings. Related Publications KBRA Comments on Amendment to Sunnova's Loan Guarantee Agreement with DOE KBRA Monitoring Sunnova Transactions Following Going Concern Warning Sunnova Helios & Sunnova Hestia Solar Loan Backed Notes Comprehensive Surveillance Report Sunnova Comprehensive Surveillance Report About KBRA KBRA, one of the major credit rating agencies, is registered in the U.S., EU, and the UK. KBRA is recognized as a Qualified Rating Agency in Taiwan, and is also a Designated Rating Organization for structured finance ratings in Canada. As a full-service credit rating agency, investors can use KBRA ratings for regulatory capital purposes in multiple jurisdictions. Doc ID: 1009810 View source version on Contacts Melvin Zhou, Managing Director +1 Kenneth Martens, Managing Director +1 Business Development Contact Arielle Smelkinson, Senior Director +1 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
2 days ago
- Business
- Business Wire
KBRA Comments on Chapter 11 Filing of Sunnova Subsidiary and Reduction in Workforce
NEW YORK--(BUSINESS WIRE)--In an 8-K filing on June 5, 2025, Sunnova Energy Corporation (Sunnova)—the sponsor and originator of 24 residential solar loan and lease transactions rated by KBRA 1 —disclosed that its wholly-owned subsidiary, Sunnova TEP Developer, LLC (Sunnova TEP), had filed a voluntary petition for relief under Chapter 11 of U.S. Bankruptcy Code. Sunnova also reported that its Board approved a reduction in force, effective May 30, 2025, of approximately 718 employees or 55% of its workforce. Given these developments, it is plausible that additional Sunnova subsidiaries— and potentially Sunnova itself—may seek bankruptcy protection in the near future. KBRA is currently monitoring the situation, as it maintains ratings on 54 classes of notes issued from the 24 solar ABS transactions totaling $6.0 billion. These transactions comprise 13 loan and 11 lease deals, for which Sunnova also serves as production guarantor and performance guarantor. Even if Sunnova were to file for bankruptcy, neither that event nor the bankruptcy of Sunnova TEP, in and of itself, would directly trigger a manager or servicer termination event within the ABS, as neither entity is designated as the transaction manager or servicer under the transaction documents. However, two wholly-owned subsidiaries of Sunnova, Sunnova ABS Management or Sunnova TE Management, LLC (collectively, Sunnova Management), act as transaction manager and/or servicer and are responsible for the administration, collection, and management services for the related ABS. If either of these entities were to file for bankruptcy, it could trigger a manager or servicer termination event. Furthermore, the controlling class noteholders, which generally comprise the most senior noteholders, could cause a termination event if they deem that the bankruptcy of Sunnova (or any of its subsidiaries) has impaired Sunnova Management's ability to perform its duties. Each transaction includes a transition manager, Computershare Trust Company or Wilmington Trust, NA, which is responsible for overseeing the performance of the transaction manager or servicer and assists in the transition to a replacement manager if a manager termination event were to occur. The securitizations also have a back-up servicer that can mitigate the risk of payment disruption during a servicer transfer. It is KBRA's understanding that Sunnova Management plans to remain transaction manager and/or servicer for each transaction, as applicable. Each issuer is a bankruptcy-remote entity with a first-priority perfected security interest in the collateral. If a servicer transition event were to occur, there is the potential for temporary cash flow disruption to the trust during the transition process. Should this occur, KBRA will consider the magnitude of the disruption, along with potential increases in delinquencies, as part of its ongoing monitoring efforts to determining whether Watch Placements and/or rating actions need to be effectuated. The tables below depict the performance of the outstanding solar loan and lease transactions as of the latest payment date reports, dated May 2025. To date, timely interest distributions have been made to each of the related notes since closing. Related Publications About KBRA KBRA, one of the major credit rating agencies, is registered in the U.S., EU, and the UK. KBRA is recognized as a Qualified Rating Agency in Taiwan, and is also a Designated Rating Organization for structured finance ratings in Canada. As a full-service credit rating agency, investors can use KBRA ratings for regulatory capital purposes in multiple jurisdictions. Doc ID: 1009810
Malaysian Reserve
2 days ago
- Business
- Malaysian Reserve
GOL Emerges from United States Chapter 11 Process as a Stronger, More Competitive Airline
SíO PAULO, June 6, 2025 /PRNewswire/ — GOL Linhas Aéreas Inteligentes S.A. (B3: GOLL4) ('Company' or 'GOL'), a leading Brazilian airline, hereby announces that it has successfully completed the financial restructuring of the Company and its subsidiaries in accordance with the Chapter 11 of the U.S. Bankruptcy Code, and has emerged from the process overseen by the United States Bankruptcy Court for the Southern District of New York. 'Over its more than 20 years of history, GOL —Latin America's original low-cost carrier— has transformed the Latin American airline market. With our financial restructuring process now complete, we are ready to continue driving forward on our purpose of 'Being First for All,' said Celso Ferrer, Chief Executive Officer. 'Today, we are significantly stronger. We have rationalized our fleet, optimized our costs, redesigned our network, enhanced our operational focus, and driven management efficiencies which —supported by solid customer preference, robust demand, and a five-year plan that will bring more investments in customer experience as well as new routes— will allow us to continue to drive success. We look forward to capitalizing on the opportunities we see ahead for GOL.' 'Thanks to the hard work of hundreds of people, we have achieved what we set out to accomplish when we first entered this process last year,' Mr. Ferrer continued. 'I thank our employees, customers, lessors and financial stakeholders —especially Abra, our largest shareholder— for their support throughout this process, which has been instrumental in helping us succeed.' As GOL enters its next phase, the Company is well-positioned to continue expanding its position as a leading airline serving Latin America, built on its: Strengthened financial position: Having secured US$ 1.9 billion in exit financing during the court-supervised process and repaying its DIP maturity in full, GOL is now moving forward with a strong liquidity position of approximately US$ 900M, significantly reduced leverage of 5.4x, and projected net leverage below 3x by year-end 2027. With a meaningfully strengthened balance sheet, GOL is well-positioned to invest in continued enhancements to the customer experience and further network expansion. Leading loyalty program: Smiles, GOL's loyalty platform, celebrated 30 years of a solid journey in 2024. The business unit reached 24 million customers and achieved the highest revenue in its history, totaling 5.3 billion reais. Strong market position and best-in-class On-Time Performance: In 2024, GOL was the most on-time airline in Brazil and served 30 million passengers across 65 domestic destinations and 16 international destinations. Growing network supported by strong global partnerships: GOL is well-positioned to deploy its rebuilt capacity both domestically and internationally by leveraging its significant presence in key Brazilian hubs. In particular, its strategic global partnerships allow for adding new service profitably to new or underserved domestic and international routes. Abra support: The renewed commitment of Abra Group, one of the leading airline groups in Latin America -with investments in Avianca, GOL, and Wamos- provides significant know-how, financial support, and operational and financial synergies. Cooperation with other Abra airlines will allow GOL to provide customers with enhanced connectivity, new and innovative product offerings, and increased frequent flyer program opportunities and benefits. Logistics Operation: GOLLOG – GOL's logistics unit and market share leader with a 36% share – surpassed, for the first time in its history, R$ 1 billion in annual revenue, achieving a 32% growth compared to 2023. Overhauled, all-Boeing 737 fleet: In 2024, GOL overhauled over 50 engines and remains on track to have all aircraft in the air by the first quarter of 2026. The Company also continues to grow its capacity, with delivery of five Boeing 737 MAX expected in 2025. Pursuant to the powers delegated to the Company's Board of Directors by the Extraordinary General Meeting of Shareholders held on May 30, 2025 ('General Meeting'), in connection with the Company's capital increase through the capitalization of credits approved by the General Meeting ('Capitalization'), the Board of Directors, at a meeting held on the date hereof, verified the amount of such credits in local currency and determined that the Capitalization amounts to BRL 12,029,337,733.91, comprising the issuance by the Company of 8,193,921,300,487 common shares and 968,821,806,468 preferred shares. In accordance with the Law No. 6,404, of December 15, 1976 ('Brazilian Corporations Law'), the Company's shareholders are entitled to preemptive rights in the subscription of shares under the Capitalization, pursuant to Article 171, paragraph 2, of Brazilian Corporations Law ('Preemptive Rights'). Further information on the Capitalization, including the terms, procedures and conditions for the exercise of Preemptive Rights by the Company's shareholders, is disclosed and available in the notice to shareholders disclosed by the Company on the date hereof, in compliance with applicable laws and regulations. As a result of the Capitalization, Abra Group Limited controls the Company and now holds, directly or indirectly, approximately 80% of GOL's common and preferred stock (subject to variation that may result from the exercise of Preemptive Rights by other shareholders, if applicable). Due to the implementation of the Preemptive Rights, under the terms and conditions of the Capitalization, as of June 12, 2025, the Company's shares will, in addition to being traded 'ex-Preemptive Rights', also be traded on the Brazilian Stock Exchange ('B3') under a new quotation factor (BRL per 1,000 shares), a new standard trading lot (1,000 shares), new tickers, and new ISIN codes, as detailed below: GOLL53 – Common Shares | ISIN: BRGOLLA01OR8 GOLL54 – Preferred Shares | ISIN: BRGOLLA01PR5 The current tickers GOLL3 and GOLL4 will be automatically converted into GOLL53 and GOLL54, respectively, both adopting a quotation factor and standard trading lot of 1,000 shares. The trading with the Preemptive Rights on B3, which will begin on June 12, 2025, will also follow a standard trading lot of 1,000 rights, with the quotation factor being BRL per lot of 1,000 rights. The Company's subscription warrants, which trade under on B3 the ticker GOLL13, will be automatically converted into GOLL80 (ISIN BRGOLLN04PR2) starting June 12, 2025. Such warrants will then be traded in lots of 1,000, with a quotation factor of R$ per lot of 1,000 warrants. The terms and conditions for exercising the subscription warrants remain applicable as established in the Board of Directors' meeting that approved the respective issuance. GOLL53 – Common Shares | ISIN: BRGOLLA01OR8 GOLL54 – Preferred Shares | ISIN: BRGOLLA01PR5 In addition, the Board of Directors approved, on the date hereof, the dissolution of the Company's Special Independent Committee, deeming that its duties have been fully fulfilled. The Company also notes that, on the date hereof, Mr. Ricardo Constantino and Mr. Paul Stewart Aronzon resigned from their position in the Company's Board of Directors, and Mr. Manuel José Irarrázaval Aldunate was appointed as member of the Board of Directors. Due to the resignation of Mr. Ricardo Constantino, Mr. Antonio Kandir was appointed as the new Vice President of the Board of Directors. Advisors In the context of its restructuring efforts, GOL worked with Milbank LLP as legal advisor, Seabury Securities, LLC as investment banker, lead placement agent for the US$ 1.9 billion exit notes, and financial advisor, BNP Paribas Securities Corp. as bookrunner (B&D) and placement agent for the exit notes, and AlixPartners, LLP as financial advisor. In addition, Lefosse Advogados acted as GOL's Brazilian legal advisor. Abra worked with Wachtell, Lipton, Rosen & Katz as legal counsel and Rothschild & Co as financial advisor in connection with the restructuring. In addition, Pinheiro Guimarães served as Abra's Brazilian counsel and Slaughter & May as Abra's English counsel. Special note regarding forward-looking statements This material fact contains certain forward-looking statements. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. The words 'will,' 'maintain', 'plans' and 'intends' and similar expressions, as they relate to GOL, are intended to identify forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations. Undue reliance should not be placed on such statements. Forward-looking statements speak only for the date they are made. About GOL Linhas Aéreas Inteligentes S.A. GOL is one of Brazil's leading airlines and is part of the Abra Group. Since it was founded in 2001, the company has had the lowest unit cost in Latin America, democratizing air transport with the aim of 'Being the First for All'. GOL has alliances with American Airlines and Air France-KLM and offers customers more than 60 codeshare and interline agreements, making connections to any place served by these partnerships more convenient and easier. GOL also has the Smiles loyalty program and GOLLOG for cargo transportation, which serves various regions in Brazil and abroad. The company has 14,5 thousand highly qualified professionals focused on safety, GOL's number one value, and operates a standardized fleet of 139 Boeing 737 aircraft. The Company's shares are traded on B3 (GOLL4). For further information, visit About Abra Group Abra, a UK-based company, is one of the most competitive air transport groups in Latin America. It brings together the iconic Gol and Avianca brands under a single leadership and a strategic investment in Wamos Air, anchoring an airline network that has one of the lowest unit costs in its respective markets, leading loyalty programs across the region (LifeMiles and Smiles) and other synergistic businesses. In addition, Abra has a convertible debt representing a minority stake investment in Sky Airline Chile. The Group consolidates a team of around 30,000 highly qualified aviation professionals and a fleet of more than 300 aircraft, with scheduled flights serving 25 countries and more than 150 destinations. Gol is one of Brazil's leading airlines, operating a standardized fleet of 138 Boeing 737 aircraft and employing 13,900 highly qualified professionals. Avianca, the second oldest airline in the world, operates more than 140 A320 and B787 passenger aircraft, as well as 7 cargo aircraft, and has more than 14,000 employees. Finally, Wamos Air is Europe's leader in wide-body ACMI operations, operating 13 A330 passenger aircraft. For more information, visit GOL Media Contacts U.S. Joele Frank, Wilkinson Brimmer Katcher: Leigh Parrish / Jed Repko lparrish@ / jrepko@ South America In Press Porter Novelli gol@ GOL Investor Relations ir@
Yahoo
2 days ago
- Business
- Yahoo
GOL Emerges from United States Chapter 11 Process as a Stronger, More Competitive Airline
SíO PAULO, June 6, 2025 /PRNewswire/ -- GOL Linhas Aéreas Inteligentes S.A. (B3: GOLL4) ("Company" or "GOL"), a leading Brazilian airline, hereby announces that it has successfully completed the financial restructuring of the Company and its subsidiaries in accordance with the Chapter 11 of the U.S. Bankruptcy Code, and has emerged from the process overseen by the United States Bankruptcy Court for the Southern District of New York. "Over its more than 20 years of history, GOL —Latin America's original low-cost carrier— has transformed the Latin American airline market. With our financial restructuring process now complete, we are ready to continue driving forward on our purpose of 'Being First for All," said Celso Ferrer, Chief Executive Officer. "Today, we are significantly stronger. We have rationalized our fleet, optimized our costs, redesigned our network, enhanced our operational focus, and driven management efficiencies which —supported by solid customer preference, robust demand, and a five-year plan that will bring more investments in customer experience as well as new routes— will allow us to continue to drive success. We look forward to capitalizing on the opportunities we see ahead for GOL." "Thanks to the hard work of hundreds of people, we have achieved what we set out to accomplish when we first entered this process last year," Mr. Ferrer continued. "I thank our employees, customers, lessors and financial stakeholders —especially Abra, our largest shareholder— for their support throughout this process, which has been instrumental in helping us succeed." As GOL enters its next phase, the Company is well-positioned to continue expanding its position as a leading airline serving Latin America, built on its: Strengthened financial position: Having secured US$ 1.9 billion in exit financing during the court-supervised process and repaying its DIP maturity in full, GOL is now moving forward with a strong liquidity position of approximately US$ 900M, significantly reduced leverage of 5.4x, and projected net leverage below 3x by year-end 2027. With a meaningfully strengthened balance sheet, GOL is well-positioned to invest in continued enhancements to the customer experience and further network expansion. Leading loyalty program: Smiles, GOL's loyalty platform, celebrated 30 years of a solid journey in 2024. The business unit reached 24 million customers and achieved the highest revenue in its history, totaling 5.3 billion reais. Strong market position and best-in-class On-Time Performance: In 2024, GOL was the most on-time airline in Brazil and served 30 million passengers across 65 domestic destinations and 16 international destinations. Growing network supported by strong global partnerships: GOL is well-positioned to deploy its rebuilt capacity both domestically and internationally by leveraging its significant presence in key Brazilian hubs. In particular, its strategic global partnerships allow for adding new service profitably to new or underserved domestic and international routes. Abra support: The renewed commitment of Abra Group, one of the leading airline groups in Latin America -with investments in Avianca, GOL, and Wamos- provides significant know-how, financial support, and operational and financial synergies. Cooperation with other Abra airlines will allow GOL to provide customers with enhanced connectivity, new and innovative product offerings, and increased frequent flyer program opportunities and benefits. Logistics Operation: GOLLOG – GOL's logistics unit and market share leader with a 36% share – surpassed, for the first time in its history, R$ 1 billion in annual revenue, achieving a 32% growth compared to 2023. Overhauled, all-Boeing 737 fleet: In 2024, GOL overhauled over 50 engines and remains on track to have all aircraft in the air by the first quarter of 2026. The Company also continues to grow its capacity, with delivery of five Boeing 737 MAX expected in 2025. Pursuant to the powers delegated to the Company's Board of Directors by the Extraordinary General Meeting of Shareholders held on May 30, 2025 ("General Meeting"), in connection with the Company's capital increase through the capitalization of credits approved by the General Meeting ("Capitalization"), the Board of Directors, at a meeting held on the date hereof, verified the amount of such credits in local currency and determined that the Capitalization amounts to BRL 12,029,337,733.91, comprising the issuance by the Company of 8,193,921,300,487 common shares and 968,821,806,468 preferred shares. In accordance with the Law No. 6,404, of December 15, 1976 ("Brazilian Corporations Law"), the Company's shareholders are entitled to preemptive rights in the subscription of shares under the Capitalization, pursuant to Article 171, paragraph 2, of Brazilian Corporations Law ("Preemptive Rights"). Further information on the Capitalization, including the terms, procedures and conditions for the exercise of Preemptive Rights by the Company's shareholders, is disclosed and available in the notice to shareholders disclosed by the Company on the date hereof, in compliance with applicable laws and regulations. As a result of the Capitalization, Abra Group Limited controls the Company and now holds, directly or indirectly, approximately 80% of GOL's common and preferred stock (subject to variation that may result from the exercise of Preemptive Rights by other shareholders, if applicable). Due to the implementation of the Preemptive Rights, under the terms and conditions of the Capitalization, as of June 12, 2025, the Company's shares will, in addition to being traded "ex-Preemptive Rights", also be traded on the Brazilian Stock Exchange ("B3") under a new quotation factor (BRL per 1,000 shares), a new standard trading lot (1,000 shares), new tickers, and new ISIN codes, as detailed below: GOLL53 – Common Shares | ISIN: BRGOLLA01OR8 GOLL54 – Preferred Shares | ISIN: BRGOLLA01PR5 The current tickers GOLL3 and GOLL4 will be automatically converted into GOLL53 and GOLL54, respectively, both adopting a quotation factor and standard trading lot of 1,000 shares. The trading with the Preemptive Rights on B3, which will begin on June 12, 2025, will also follow a standard trading lot of 1,000 rights, with the quotation factor being BRL per lot of 1,000 rights. The Company's subscription warrants, which trade under on B3 the ticker GOLL13, will be automatically converted into GOLL80 (ISIN BRGOLLN04PR2) starting June 12, 2025. Such warrants will then be traded in lots of 1,000, with a quotation factor of R$ per lot of 1,000 warrants. The terms and conditions for exercising the subscription warrants remain applicable as established in the Board of Directors' meeting that approved the respective issuance. In addition, the Board of Directors approved, on the date hereof, the dissolution of the Company's Special Independent Committee, deeming that its duties have been fully fulfilled. The Company also notes that, on the date hereof, Mr. Ricardo Constantino and Mr. Paul Stewart Aronzon resigned from their position in the Company's Board of Directors, and Mr. Manuel José Irarrázaval Aldunate was appointed as member of the Board of Directors. Due to the resignation of Mr. Ricardo Constantino, Mr. Antonio Kandir was appointed as the new Vice President of the Board of Directors. Advisors In the context of its restructuring efforts, GOL worked with Milbank LLP as legal advisor, Seabury Securities, LLC as investment banker, lead placement agent for the US$ 1.9 billion exit notes, and financial advisor, BNP Paribas Securities Corp. as bookrunner (B&D) and placement agent for the exit notes, and AlixPartners, LLP as financial advisor. In addition, Lefosse Advogados acted as GOL's Brazilian legal advisor. Abra worked with Wachtell, Lipton, Rosen & Katz as legal counsel and Rothschild & Co as financial advisor in connection with the restructuring. In addition, Pinheiro Guimarães served as Abra's Brazilian counsel and Slaughter & May as Abra's English counsel. Special note regarding forward-looking statements This material fact contains certain forward-looking statements. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. The words "will," "maintain", "plans" and "intends" and similar expressions, as they relate to GOL, are intended to identify forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations. Undue reliance should not be placed on such statements. Forward-looking statements speak only for the date they are made. About GOL Linhas Aéreas Inteligentes S.A. GOL is one of Brazil's leading airlines and is part of the Abra Group. Since it was founded in 2001, the company has had the lowest unit cost in Latin America, democratizing air transport with the aim of "Being the First for All". GOL has alliances with American Airlines and Air France-KLM and offers customers more than 60 codeshare and interline agreements, making connections to any place served by these partnerships more convenient and easier. GOL also has the Smiles loyalty program and GOLLOG for cargo transportation, which serves various regions in Brazil and abroad. The company has 14,5 thousand highly qualified professionals focused on safety, GOL's number one value, and operates a standardized fleet of 139 Boeing 737 aircraft. The Company's shares are traded on B3 (GOLL4). For further information, visit About Abra Group Abra, a UK-based company, is one of the most competitive air transport groups in Latin America. It brings together the iconic Gol and Avianca brands under a single leadership and a strategic investment in Wamos Air, anchoring an airline network that has one of the lowest unit costs in its respective markets, leading loyalty programs across the region (LifeMiles and Smiles) and other synergistic businesses. In addition, Abra has a convertible debt representing a minority stake investment in Sky Airline Chile. The Group consolidates a team of around 30,000 highly qualified aviation professionals and a fleet of more than 300 aircraft, with scheduled flights serving 25 countries and more than 150 destinations. Gol is one of Brazil's leading airlines, operating a standardized fleet of 138 Boeing 737 aircraft and employing 13,900 highly qualified professionals. Avianca, the second oldest airline in the world, operates more than 140 A320 and B787 passenger aircraft, as well as 7 cargo aircraft, and has more than 14,000 employees. Finally, Wamos Air is Europe's leader in wide-body ACMI operations, operating 13 A330 passenger aircraft. For more information, visit GOL Media Contacts U.S. Joele Frank, Wilkinson Brimmer Katcher: Leigh Parrish / Jed Repko lparrish@ / jrepko@ South America In Press Porter Novelli gol@ GOL Investor Relations ir@ View original content to download multimedia: SOURCE GOL Linhas Aéreas Inteligentes S.A. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
2 days ago
- Business
- Business Wire
Mosaic Takes Strategic Action to Restructure and Recapitalize with the Support of Its Lender to Position the Company for the Future
OAKLAND, Calif.--(BUSINESS WIRE)--Solar Mosaic (the "Company" or "Mosaic"), a fintech platform for U.S. residential solar and energy-efficient home improvements, today announced the Company filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code ('Chapter 11') in the United States Bankruptcy Court for the Southern District of Texas (the 'Court'). Through the Chapter 11 process, Mosaic intends to complete a restructuring and recapitalization supported by certain of the Company's existing lenders, including Forbright Bank ('Forbright') acting as Administrative Agent on behalf of lenders, while simultaneously conducting a comprehensive marketing process of its platform and other assets of the Company. Prior to filing for Chapter 11, Mosaic took actions to strategically and operationally reorganize the business to meet its current liquidity needs. Macroeconomic challenges facing the entire residential solar industry, including high interest rates and legislation that threatens to eliminate tax credits for residential solar, have impacted the flow of capital. Mosaic determined a Court-supervised process was the best way to maintain its loan servicing platform, effectuate a full sale and marketing process for its assets, and maximize value for its stakeholders. This important step was taken after careful consideration and in consultation with the Company's Board of Directors and advisors. The Company expects to execute the restructuring and recapitalization through a Chapter 11 plan of reorganization sponsored by Forbright and potentially consummate one or more asset sale transactions pursuant to Section 363 of the U.S. Bankruptcy Code. Throughout the Court-supervised process, Mosaic expects to remain fully operational without disruption, and the Company remains committed to working with its network of installers, investors and capital markets partners, and customers. Mosaic plans to maintain its loan servicing operation, ensuring customers can continue to pay their loans as planned and collections are remitted to loan owners. As an existing loan servicing customer of Mosaic, Forbright intends to use its significant financial strength to support Mosaic's servicing operations for all loan owners. 'Today's announcement marks a significant step for Mosaic to address our financial position amid the macroeconomic challenges facing the residential solar industry as well as the recent legislation passed by the House that rolls back residential solar tax credits,' said Patrick Moore, Mosaic Chief Executive Officer. 'Throughout this process, we remain focused on maintaining stability for our customers, business partners, and employees.' Mosaic will receive $45 million in debtor-in-possession financing from its existing lenders, including $15 million in new money financing which, following court approval, is expected to fund the company's ongoing operations and administrative expenses during the Chapter 11 cases. Mosaic has filed a number of customary motions with the Court to ensure that its operations continue as usual during the Court process. This includes motions requesting Court authority to pay employee wages and benefits, compensate certain vendors and suppliers on a go-forward basis, and facilitate the completion of partially finished installation projects. Additional information regarding the Company's Chapter 11 process is available at Stakeholders with questions can contact the Company's claims agent, Kroll by calling (833) 953-7040 (U.S./Canada) or +1 (646) 974-5614 (International) or emailing mosaicInfo@ Advisors Paul Hastings LLP is serving as legal counsel, BRG is serving as chief restructuring officer, Jefferies is serving as the investment banker, and C Street Advisory Group is serving as strategic communications advisor to the Company. Blank Rome LLP is serving as legal counsel and Huron Consulting Group is serving as financial advisor to Forbright Bank. About Mosaic Mosaic is an industry-leading fintech platform for sustainable home improvements. Founded in 2010, Mosaic is a pioneer in clean energy lending providing innovative solutions for financing solar, battery storage, and more. Mosaic has funded $15 billion in loans to date, helping more than 500,000 households make their homes more sustainable and efficient. About Forbright Bank Forbright is an FDIC-insured bank and commercial lender focused on helping to build a brighter future. Forbright is committed to exceptional client service by providing seamless, innovative personal banking services to depositors and creative financing solutions to middle market businesses and investors in healthcare, technology, financial services, real estate, and other industries.
