Written by Cláudio Afonso | LinkedIn | X
SunPower announced on Tuesday that has filed for Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware. The rooftop solar installer has recently faced allegations of misconduct in its financial reports.
Trading under the thicker SPWR, shares plunged 57% on Tuesday morning to 33 cents bringing year to date losses to over 90 percent. As of the time of writing, the stock recovered part of the intraday losses and is trading at 63.89 cents.
The statement shared late Monday revealed that the company is selling its Blue Raven Solar and Complete Solaria businesses for $45 million. The transaction will need to be approved by the Delaware court.
In a statement, the company said it intends “to use this court-supervised process to pursue a range of options to maximize value of their assets and address their financial obligations”.
In late last year, SunPower had warned that “substantial doubt” existed about its ability to survive, as initially reported by CNBC.
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Written by Cláudio Afonso | LinkedIn | X
