SunPower Corporation filed for Chapter 11 bankruptcy protection on August 5, 2024, while simultaneously announcing a $45 million stalking horse asset purchase agreement with Complete Solaria. The deal covers SunPower's Blue Raven Solar business, New Homes division, and non-installing Dealer network, with the transaction expected to close by late September, subject to court approval.The company has requested court approval to access prepetition cash collateral to maintain business operations during the Chapter 11 process. SunPower plans to continue operating Blue Raven Solar and New Homes businesses while pursuing value-maximizing sales for its remaining assets through Section 363 of the Bankruptcy Code.As part of the restructuring, Matthew Henry from Alvarez & Marsal has been appointed as Chief Transformation Officer and principal executive officer, replacing Thomas Werner, who will continue as Executive Chairman. The company's common stock is expected to be delisted from Nasdaq due to the bankruptcy filing.

SunPower Corporation filed for Chapter 11 bankruptcy protection on August 5, 2024, while simultaneously announcing a $45 million stalking horse asset purchase agreement with Complete Solaria. The deal covers SunPower's Blue Raven Solar business, New Homes division, and non-installing Dealer network, with the transaction expected to close by late September, subject to court approval.The company has requested court approval to access prepetition cash collateral to maintain business operations during the Chapter 11 process. SunPower plans to continue operating Blue Raven Solar and New Homes businesses while pursuing value-maximizing sales for its remaining assets through Section 363 of the Bankruptcy Code.As part of the restructuring, Matthew Henry from Alvarez & Marsal has been appointed as Chief Transformation Officer and principal executive officer, replacing Thomas Werner, who will continue as Executive Chairman. The company's common stock is expected to be delisted from Nasdaq due to the bankruptcy filing.