AMERICAS DISTRESS DAILY: Oaktree Buys $400m of Sunnova Debt

Sunnova Energy is preparing for negotiations with its creditors to address its troubled capital structure, as Oaktree Capital Management has been buying up debt in the solar panel provider.

Oaktree has accumulated around $400 million of the company’s debt, giving it a significant role in the discussions, according to people familiar with the matter. Sunnova had more than $8 billion of net debt at the end of last year, and its fortunes have dimmed due to high interest rates and lower state incentives.

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