SunPower slumps after Chapter 11 bankruptcy protection filing
06/08/2024 15:05
(Updates)
** Solar firm SunPower's SPWR.O shares fall 36.9% to 50
cents
** Co on Monday filed for U.S. Chapter 11 bankruptcy and
signed 'stalking horse' agreement with Complete Solaria CSLR.O
to sell some of its business for $45 mln in cash
** Stalking horse bid is used as starting or minimally
accepted offer that other interested bidders must surpass if
they want to buy the asset or company.
** SPWR listed its assets and liabilities between $1 bln and
$10 bln, in a filing with bankruptcy court in Delaware
** "For SunPower's remaining operations, the goal is to sell
them as well. At the conclusion of the process – probably late
2024 – SunPower, which had been founded all the way back in
1985, will cease to exist," Raymond James analyst Pavel
Molchanov says
** SPWR, valued at $141.8 mln as of last close, has lost 91%
of its value in the past 12 months
(Reporting by Medha Singh and Seher Dareen)
((medha.singh@thomsonreuters.com))