FMP
SunPower Files for Chapter 11 Bankruptcy Protection Amid Mounting Financial Pressures
Aug 6, 2024 4:36 PM - Davit Kirakosyan
Image credit: FMP
SunPower (NASDAQ:SPWR) has filed for Chapter 11 bankruptcy protection as of Monday, August 5, 2024, the solar power company announced on Tuesday. The filing comes amid significant financial strain as the company seeks to restructure its debt and maximize asset value. Currently, shares of the company are trading more than 20% lower intra-day.
In conjunction with the bankruptcy proceedings, SunPower has entered a "stalking horse" agreement with Complete Solaria, Inc. to sell its Blue Raven Solar, New Homes, and non-installing Dealer businesses for $45 million in cash. This agreement sets a minimum bid for these assets, which will be available for higher offers during a court-supervised auction.
The bankruptcy filing follows a challenging period for SunPower, marked by the resignation of its CEO in February and a subpoena from the Securities and Exchange Commission regarding its accounting practices. Additionally, in June, the company halted several operations, including new product shipments and customer contracts.
SunPower estimates its assets and liabilities to be between $1 billion and $10 billion.
Other Blogs
Nov 22, 2024 5:08 AM - Parth Sanghvi
Fundamental Analysis: Principles, Types, and How to Use It
Fundamental analysis is one of the most essential tools for investors and analysts alike, helping them assess the intrinsic value of a stock, company, or even an entire market. It focuses on the financial health and economic position of a company, often using key data such as earnings, expenses, ass...
Dec 17, 2024 8:58 AM - Sanzhi Kobzhan
Examining Tesla’s Financial Health Using FinancialModelingPrep’s Ratios API
Tesla, one of the world’s most talked-about electric vehicle manufacturers, attracts a lot of attention from investors and market watchers. By examining a snapshot of Tesla’s financial ratios—such as those provided by FinancialModelingPrep’s Ratios API—we can get a clearer picture of the company’s f...
Dec 22, 2024 7:59 AM - Sanzhi Kobzhan
Two great Software Platform Stocks Similar to Palantir (PLTR)
When it comes to cutting-edge software and data analytics, Palantir Technologies (NYSE: PLTR) is often front and center. But for many investors, it’s important to consider alternative or complementary stocks in the same sector that may offer robust growth potential. As PLTR looks expensive (overvalu...
