FX.co ★ SunPower Files For Chapter 11 Bankruptcy

SunPower Corp. (SPWR) and several of its subsidiaries have initiated voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware.

SunPower has disclosed that it has entered into an asset purchase agreement with Complete Solaria Inc. (CSLR), designating them as the Stalking Horse Buyer for the assets connected to SunPower's Blue Raven Solar business, New Homes business, and non-installing Dealer network.

Complete Solaria will procure these assets and take on specific related liabilities for a cash consideration of $45 million. Furthermore, SunPower plans to continue the sale process for its remaining assets.