Sunnova Junior Creditors Object to $4 Million Completion Fee

Junior creditors of Sunnova Energy International Inc. oppose a $4 million completion fee sought by Alvarez & Marsal LLC, saying the financial adviser is bound by terms of its employment application.

Alvarez & Marsal’s retention order said that the advisory firm’s compensation would be hourly fees and reimbursements for out-of-pocket expenses. To avoid an objection, the firm agreed that a completion fee wouldn’t be approved or authorized but is now trying to improperly alter the court-approved order, a committee of unsecured creditors said in a Friday objection in the US Bankruptcy Court for the Southern District of Texas.

The firm ...