SunPower files for bankruptcy, to sell some $45 mln assets via stalking horse bid (updated)
06/08/2024 03:57
(Adds details and background throughout)
Aug 5 (Reuters) - Solar firm SunPower SPWR.O said on
Monday it filed for Chapter 11 bankruptcy in the United States
and entered into a 'stalking horse' agreement with Complete
Solaria CSLR.O 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.
Additionally, SunPower said it intends to continue a sale
process for its remaining assets. The California-headquartered
company said that following the sale process it plans to
liquidate any remaining assets and undergo an efficient wind
down of its operations.
Earlier this year, SunPower said it planned to reduce its
workforce by about 1,000 people and planned to wind down its
SunPower Residential Installation locations and close SunPower
Direct sales.
(Reporting by Mrinmay Dey in Bengaluru; Editing by Rashmi Aich)
((mrinmay.dey@thomsonreuters.com; +91 7362903319;))