Maxeon says will seek to block SunPower asset sale
FILE PHOTO: A SunPower SunVault display of the solar company SunPower is seen inside one of their offices in Richmond, California, U.S., July 15, 2021. REUTERS/Peter DaSilva/File Photo
Solar panel maker Maxeon said on Friday it plans to object to a bankruptcy court sale of SunPower's assets because it says it owns the right to use the company's brand name outside of the United States.
WHY IT MATTERS
SunPower, a pioneer in the residential solar market that filed for Chapter 11 bankruptcy protection this month, is seeking to sell many of its assets to rival Complete Solaria for $45 million. That sale could be blocked if the court finds SunPower does not have the right to sell the assets.
Maxeon was spun off from SunPower in 2020. At the time, the companies struck a deal specifying that Maxeon can use the SunPower name globally. The agreement prohibits the sale of SunPower trademarks without Maxeon's consent, Maxeon said.
Maxeon plans to file its objection formally by a Sept. 20 deadline, a spokesperson said.
KEY QUOTE
"The court is aware of our concerns and has made it clear - on the record - that our ability to object to any proposed sale is fully reserved," a Maxeon spokesperson said in an emailed statement.
