(RTTNews) - SunPower Corp. (SPWR) and certain of its subsidiaries filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware.

SunPower announced it has entered into an asset purchase agreement with Complete Solaria Inc. (CSLR) to serve as the Stalking Horse Buyer for the assets associated with SunPower's Blue Raven Solar business, New Homes business, and non-installing Dealer network.

Complete Solaria will acquire the Assets and assume certain related liabilities for $45 million in cash. Additionally, SunPower intends to continue a sale process for its remaining assets.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.