Maxeon says will seek to block SunPower asset sale
30/08/2024 22:49
Aug 30 (Reuters) - Solar panel maker Maxeon MAXN.O
said on Friday it plans to object to a bankruptcy court sale of
SunPower's assets because it says it owns the right to use the
company's brand name outside of the United States.
WHY IT MATTERS
SunPower, a pioneer in the residential solar market that
filed for Chapter 11 bankruptcy protection this month, is
seeking to sell many of its assets to rival Complete Solaria for
$45 million. That sale could be blocked if the court finds
SunPower does not have the right to sell the assets.
Maxeon was spun off from SunPower in 2020. At the time, the
companies struck a deal specifying that Maxeon can use the
SunPower name globally. The agreement prohibits the sale of
SunPower trademarks without Maxeon's consent, Maxeon said.
Maxeon plans to file its objection formally by a Sept. 20
deadline, a spokesperson said.
KEY QUOTE
"The court is aware of our concerns and has made it clear -
on the record - that our ability to object to any proposed sale
is fully reserved," a Maxeon spokesperson said in an emailed
statement.
(Reporting by Nichola Groom; Editing by Rod Nickel)
((nichola.groom@thomsonreuters.com;))