In an April filing with the U.S. Securities and Alternate Fee (SEC), photo voltaic panel producer Maxeon revealed it has utilized to be positioned below “judicial administration” in its headquartered nation of Singapore. This can be a technique of debt restructuring when an organization is below monetary misery, however just isn’t a chapter submitting.
Maxeon acknowledged that the corporate has been below financial stress ever since U.S. Customs and Border Safety (CBP) started seizing photo voltaic panels in 2024 for evaluations below the Uyghur Compelled Labor Prevention Act (UFLPA). Regardless of proving UFLPA compliance, Maxeon said CBP just isn’t permitting its photo voltaic panels into the nation.
Maxeon mentioned CBP’s continued denial of entry has “negatively impacted the corporate’s potential to generate money stream” and fulfill contractual commitments which have led to prospects submitting lawsuits in opposition to Maxeon, looking for damages of over $70 million.
Maxeon, the manufacturing spinoff from the once-dominant SunPower brand, determined in 2024 to solely concentrate on supplying the U.S. market. The environment friendly model was being contracted for big tasks, together with the 1-GW Gemini Solar project in Nevada. Maxeon was assembling photo voltaic panels in Mexico utilizing Malaysian photo voltaic cells and had plans to begin U.S. manufacturing in Albuquerque, New Mexico.
Within the SEC submitting, the corporate mentioned it had a buying settlement with a third-party for modules assembled in the US to bypass the CBP holding.
Maxeon ought to have some cash coming in quickly. The corporate entered a patent license agreement with Aiko Photo voltaic earlier this 12 months, whereby Aiko may have entry to Maxeon’s again contact photo voltaic cell and module patents outdoors of the US for the following 5 years. Maxeon says this may end in an installment fee of $14 million by the top of this month.
Maxeon may have a listening to on the judicial administration in Singapore’s Supreme Courtroom later this week.
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