05:21 AM EDT, 08/06/2024 (MT Newswires) -- SunPower (SPWR) said late Monday the company and certain subsidiaries filed voluntary petitions for relief under Chapter 11 of the US Bankruptcy Code in the US Bankruptcy Court for the District of Delaware.

The company also said it entered into an asset purchase agreement with Complete Solaria ( CSLR ) for $45 million in cash. Complete Solaria ( CSLR ) will serve as the so-called "Stalking Horse Buyer."

The assets in question are associated with the company's Blue Raven Solar business, New Homes business, and non-installing dealer network.

Additionally, SunPower intends to continue a sale process for its remaining assets, the company said.

Price: 0.7989, Change: -0.01, Percent Change: -1.11