After a restructuring and management shakeup, SunPower Corp. has filed for bankruptcy due to cost cutting, earnings restatement, credit agreement default, and leadership changes. The firm struggled with high interest rates, subsidy changes in California, and $2 billion in debt, leading to a 34% stock plunge.
Industry challenges compounded SunPower's problems, hindering expected growth from President Biden's climate law. The company, founded in 1985, failed to secure new capital, leading to a severe liquidity crisis. SunPower is selling assets amidst its bankruptcy to alleviate financial strain.
Collection
[
|
...
]