SunPower files for bankruptcy, to sell some $45 mln assets via stalking horse bid

[sl8]

https://www.reuters.com/markets/deals/sunpower-files-bankruptcy-sell-some-45-mln-assets-via-stalking-horse-bid-2024-08-06/

SunPower files for bankruptcy, to sell some $45 mln assets via stalking horse bid

By Reuters
August 6, 2024 7:11 AM EDT · Updated 3 minutes ago

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), opens new tab 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.

[...]

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
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Reporting by Mrinmay Dey in Bengaluru; Editing by Rashmi Aich

[bucolic_frolic]

1. Always remember: Jimmy Carter launched solar subsidies to jumpstart an industry BUT

REAGAN ended them! We could be decades ahead on passive solar, solar building. It would have given us more time. But no, Big Republicans and Bigger Oil!

[CoopersDad]

2. I'm surprised. I've been to Sunpower's home office, met with Bobby Ram.

When they were in Richmond, before moving to San Jose.

They remodeled a lovely old industrial building, it looked like a great place to work.

Sunpower designed and produced better-than-industry standard very high-efficiency modules.

I also toured Solyndra in Fremont before they went under and Tesla moved in.

Interesting technologies, I'm a big fan and follower of solar photovoltaics.