Sunnova skipped a bond interest payment in April and entered into a 30-day grace period that expired May 1, missing a $400 million payment on 11.75% senior notes maturing in 2028. They are trying to reduce debt and increase financial flexibility ahead of a potential bankruptcy filing or a bridge loan to restructure. This is partially due to the struggling resi sector with unpredictable tariffs and backpedaling renewable energy policy.