SunPower slumps after Chapter 11 bankruptcy protection filing
06/08/2024 13:11
(Updates)
** SunPower's SPWR.O shares fall 45.5% to 44 cents
premarket
** Solar firm filed for U.S. Chapter 11 bankruptcy and
entered into a 'stalking horse' agreement with Complete Solaria
CSLR.O to sell some of its business for $45 mln in cash
** Other interested parties must breach the stalking horse
bid if they want to buy the asset or the company
** SPWR listed its assets and liabilities in the range of $1
bln to $10 bln, in a filing with the bankruptcy court in
Delaware
** "For SunPower's remaining operations, the goal is to sell
them as well. At the conclusion of the process – probably late
2024 – SunPower, which had been founded all the way back in
1985, will cease to exist" - Raymond James analyst Pavel
Molchanov
** SPWR, valued at $141.8 mln as of last close, has lost 91%
of its value in the past 12 months
(Reporting by Medha Singh and Seher Dareen)
((medha.singh@thomsonreuters.com))