Embattled solar installer SunPower has filed for Chapter 11 bankruptcy.
The residential solar sector has been walloped as high interest rates have depressed demand, leaving companies with too much inventory on hand.has filed for bankruptcy, after struggling for months in the face of high interest rates and allegations of misconduct in its reporting practices.
SunPower stock fell 32% to 55 cents per share on Tuesday. Its shares have collapsed nearly 90% this year. SunPower is selling its Blue Raven Solar and new homes businesses as well as its non-installing dealer network to Complete Solaria for $45 million subject to court approval, according to a statement late Monday. The company has asked the court to approve the sale by mid-September.The residential solar sector has been walloped as high interest rates have depressed demand, leaving companies with too much inventory on hand.
The U.S. Securities and Exchange Commission subpoenaed SunPower in February for documents over revenue recognition practices in quarterly reports from 2023, SunPower's independent account Ernst & Young resigned in June because it did not want to be associated with the company's financial statements, citing allegations of that senior members of management were involved in misconduct related to financial statements.
Totalenergies SE Sunpower Corp Markets Energy Breaking News: Markets Business News
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Why You Should Eat Following the '30-30-3' Rule, According to a DoctorDr. Amy Shah spoke to Newsweek about a nutrition concept that she believes should be taught in elementary school.
Read more »
30 (yes, 30) questions facing the Commanders as they open training campFrom the coaching staff to the quarterbacks, from the rookies to the Ron Rivera holdovers, here are the top topics at Washington Commanders training camp.
Read more »
Exclusive Dude Perfect: A Very Long Shot Trailer Previews 30 for 30 DocThe full Dude Perfect: A Very Long Shot trailer has been released for ESPN's next sports documentary movie.
Read more »
Frisco-based Dude Perfect stars in new ‘30 for 30′ documentary on ESPN‘Dude Perfect: A Very Long Shot’ is premiering Saturday night on ESPN.
Read more »
Shohei Ohtani steals 3 bases to reach the 30-30 clubShohei Ohtani’s debut season with the Los Angeles Dodgers put him in rare company. The Japanese star stole three bases against the Oakland Athletics to give him 31 steals on the season, along with his 33 home runs.
Read more »
Flaherty wins in Dodgers debut, Ohtani reaches 30-30 markJack Flaherty pitched six sharp innings in his Dodgers debut en route to a victory, Shohei Ohtani stole three bases to reach the 30-30 mark, and Los Angeles snapped a three-game losing streak by defeating the Oakland Athletics 10-0 on Saturday night.
Read more »