SunPower files for bankruptcy, to sell some $45 mln assets

6/8/2024 12:31

        Solar firm SunPower said on Monday it filed for Chapter 11 bankruptcy in the United States and entered into a 'stalking horse' agreement with Complete Solaria to sell some of its business for $45 million in cash.
        
        A stalking horse bid is used as a starting or minimally accepted offer that other interested bidders must surpass if they want to buy the asset or the company.
        California-based Complete Solaria, a solar technology, services, and installation company will acquire SunPower's Blue Raven Solar business, New Homes business, and non-installing Dealer network.
        
        SunPower had acquired Blue Raven for $165 million in 2021.
        
        The company listed its assets and liabilities in the range of $1 billion to $10 billion, in a filing with the bankruptcy court in Delaware, court papers filed on Monday showed.