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SunPower Files for Chapter 11 Bankruptcy, Agrees to $45 Million Sale of Key Businesses to Complete Solaria.

US solar company SunPower (NASDAQ:SPWR) has filed for Chapter 11 bankruptcy protection and agreed to sell several of its businesses in a USD-45-million (EUR 41.1m) cash deal. The company has also entered into a “stalking horse” agreement with California-based Complete Solaria Inc (NASdaq:CSLR) to buy its Blue Raven Solar business, New Homes business, and non-installing dealer network. This deal requires court approval and will also see CompleteSolaria assume certain liabilities related to these businesses. SunPower has requested court approval to complete the transaction mid to late September. Once this process is completed, SunPower plans to liquidate any remaining assets and wind down its operations.

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