SunPower is seeking the sale of assets to Complete Solaria
of ConsumerAffairs
SunPower, a major provider of solar panels, has filed for Chapter 11 bankruptcy after several months of what it called challenges.
Tom Werner, SunPowers executive chairman, said the filing is part of a turnaround strategy that he believes will pay off.
I am pleased to share that SunPower announced an agreement with Complete Solaria, Inc. to acquire certain assets associated with SunPowers Blue Raven Solar and New Homes businesses and the non-installing Dealer network, Werner said in a statement on the companys website.
To facilitate this proposed transaction, SunPower concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware, with Complete Solaria serving as its Stalking Horse Buyer.
Under the terms of an asset purchase agreement, subject to Court approval, Complete Solaria will acquire the assets and assume certain related liabilities for $45 million in cash. The company has asked the court for approval to complete the transaction mid to late September.
Will try to sell remaining assets
Additionally, SunPower intends to continue a sale process for its remaining assets and effectuate any resulting sale transactions pursuant to Section 363 of the U.S. Bankruptcy Code.
"For nearly 40 years, SunPower has made solar energy more accessible to Americans, driven by our mission to change the way our world is powered, Werner said. We are confident Complete Solaria's CEO, T.J. Rodgers, will carry forward our vision to shape the future of residential solar as a pioneer in this space."
Werner said SunPower is working to secure long-term solutions for the remaining areas of its business.
Photo Credit: Consumer Affairs News Department Images
Posted: 2024-08-08 18:53:57
