SunPower filed for Chapter 11 chapter on Aug. 5 after months of monetary struggles. With over 500,000 prospects, the photo voltaic big has been a serious participant within the trade. Its closure doubtless has many purchasers apprehensive about guarantee protection, mortgage phrases and continued service. Right here’s the most recent.
August 5, 2024 | Chapter Paperwork
SunPower proclaims Chapter 11 chapter, promoting Blue Raven
Photo voltaic firm SunPower filed for chapter at present, leaving greater than half 1,000,000 prospects questioning which firm, if any, will service their photo voltaic panels and the way the chapter will have an effect on their warranties and loans.
SunPower plans to promote its belongings earlier than winding down its operations, in response to the announcement. It is usually contemplating promoting a few of its belongings to Full Solaria, a residential photo voltaic installer. The sale will embrace three of SunPower’s subsidiaries, together with Blue Raven Photo voltaic, a serious installer of residential photo voltaic panels.
Whether or not the brand new firm will change prospects’ contracts stays to be seen.
“There is no such thing as a assure Blue Raven’s purchaser will honor present contracts and warranties for purchasers,” mentioned Ilyse Homer, a companion and staff supervisor of the enterprise reorganization staff at Miami legislation agency Berger Singerman. “Any obligations surrounding Blue Raven’s buy will have to be established within the settlement and accredited by the chapter courtroom.”
SunPower launched as a Silicon Valley startup in 1985 and grew to over half 1,000,000 prospects by 2023. Nevertheless, the corporate’s grip available on the market started to loosen when it ended its 2023 fiscal yr with a internet revenue lack of almost $250 million, regardless of including almost 159,000 extra residential prospects that yr.
The corporate restated its financials for the 2022 fiscal yr and three quarters of 2023
. It closed its set up and direct gross sales operations in April 2024.
August 5, 2024 | Letter to Clients
In letter to prospects, SunPower says it will probably’t service techniques
SunPower mentioned at present that its put in techniques shouldn’t expertise disruptions; nevertheless, in a separate message to prospects, SunPower acknowledged it was “unable to service” techniques, referring to repairs and upkeep requests.
The corporate’s message to prospects additionally acknowledged that it’s “diligently engaged on an settlement with a service supplier” to take over its buyer assist for photo voltaic panel.
August 5, 2024 | Letter to Clients
SunPower prospects can rent different firms for repairs, nevertheless it may have an effect on their warranties
Bankrupt photo voltaic supplier SunPower has introduced that prospects who bought a SunPower photo voltaic vitality system with money or a mortgage can rent one other firm for repairs or upkeep however was unclear about whether or not doing so may have an effect on producer warranties.
August 5, 2024 | Firm Spokesperson
Maxeon confirmed the SunPower chapter won’t have an effect on its producer warranties
Maxeon Photo voltaic Applied sciences, the corporate that spun off from SunPower in 2020, mentioned in an announcement to NerdWallet that its warranties are unaffected by SunPower’s chapter.
“We had been the innovation engine for SunPower Corp., however because the spin off, Maxeon has been a separate, publicly traded firm, working independently and with separate administration,” Maxeon CEO Invoice Mulligan mentioned in a publish on the corporate’s web site.
The corporate reiterated its assertion on X, previously often known as Twitter.
August 5, 2024 | Firm Press Launch
SunPower hires Launch Servicing to deal with lease contracts and billing
In a message to prospects, SunPower mentioned it’s partnering with Launch Servicing for continued lease billing and contract assist. Launch Servicing identifies itself as a debt assortment firm on its web site; nevertheless, the corporate confirmed…
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