Embattled solar installer SunPower has filed for Chapter 11 bankruptcy.
SunPower has filed for Chapter 11 bankruptcy and plans to sell its assets.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.Sign up for our free Olympics Headlines newsletter.
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.
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.
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