SunPower and some of its subsidiaries have filed for Chapter 11 bankruptcy, which allows other interested parties to bid on the company's assets. As part of this process, SunPower plans to sell certain assets to Complete Solaria for $45 million, pending court approval, with the transaction expected to close by mid to late September. The company will also continue to sell off its remaining assets under the bankruptcy code.
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SunPower's Executive Chairman, Tom Werner, stated that this sale provides a chance for key parts of their business to continue under new ownership, while they work on long-term solutions for the rest of their operations. Complete Solaria's CEO, T.J. Rodgers, emphasized that this acquisition will strengthen their market position as solar energy becomes increasingly cost-effective compared to fossil fuels.
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During the bankruptcy process, SunPower has requested court approval to access necessary funds to maintain business operations and support employees, with plans to liquidate remaining assets and wind down operations efficiently after the sales. (mfo)
