(Reuters) – Photo voltaic agency SunPower (NASDAQ:) mentioned on Monday it filed for Chapter 11 chapter in america and entered right into a ‘stalking horse’ settlement with Full Solaria to promote a few of its enterprise for $45 million in money.
A stalking horse bid is used as a beginning or minimally accepted provide that different bidders should surpass in the event that they wish to purchase the asset or the corporate.
California-based Full Solaria, a photo voltaic expertise, companies, and set up firm will purchase SunPower’s Blue Raven (NASDAQ:) Photo voltaic enterprise, New Properties enterprise, and non-installing Supplier community.
SunPower had acquired Blue Raven for $165 million in 2021.
The corporate listed its property and liabilities within the vary of $1 billion to $10 billion, in a submitting with the chapter court docket in Delaware, court docket papers filed on Monday confirmed.
Moreover, SunPower mentioned it intends to proceed a sale course of for its remaining property. The California-headquartered firm mentioned that following the sale course of it plans to liquidate any remaining property and endure an environment friendly wind down of its operations.
Earlier this 12 months, SunPower mentioned it deliberate to cut back its workforce by about 1,000 folks and deliberate to wind down its SunPower Residential Set up areas and shut SunPower Direct gross sales.
