SunPower Files for Chapter 11 Bankruptcy Protection and Unveils Asset Sales
Tuesday, 6 August 2024, 03:01
Bankruptcy Filing and Financial Overview
SunPower recently experienced a significant downturn in its share price, with shares dropping approximately 45% to 44 cents during premarket trading. This decline prompted the company to file for Chapter 11 bankruptcy protection.
Details of the Bankruptcy Filing
- Assets and liabilities are reported between $1 billion and $10 billion.
- Analyst Pavel Molchanov of Raymond James commented on the situation.
Implications and Asset Sale
Despite the official classification as Chapter 11, this process effectively acts as a liquidation for SunPower. In an effort to alleviate its financial burdens, the company has agreed to sell certain assets for $45 million.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.