Some of the assets belonging to bankrupt solar power firm SunPower (SPWR) are to be sold to rival Complete Solaria, Inc. (CSLR). US Bankruptcy Judge Craig Goldblatt confirmed this move on Thursday. The judge approved a $45m stalking horse bid for assets including dealer networks and the Blue Raven direct-to-consumer element it bought for $165m in 2021.
Sale Of SunPower Assets Approved By Judge
Lower demand and climbing inflation rates had caused the California-based company to declare bankruptcy earlier this month. SunPower was a leading name in the American solar market, but it began to unravel following a US Securities and Exchange Commission subpoena and the departure of its CEO.
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The Complete Solaria deal will be completed unless better offers are received in the next few weeks. A deadline of 10 September has been set for any other bids to come in, with Judge Goldblatt saying that an auction will be held on 16 September, if needed. The deadline for sales objections to be lodged is 20 September.
Singapore-based solar panel manufacturer Maxeon has already objected to the stalking horse bid. The company says that it has rights to the SunPower trademarks in non-US territories, but the judge didn’t accept the objection.
When former CEO Peter Faricy left in February, executive chairman of the board Tom Werner stated:
Over the past three years, SunPower has made strides toward expanding the footprint of residential solar, capturing a market-leading position in the new homes business and expanding consumer financing for solar through SunPower Financial.
