Statements made by the company in a filing with the U.S. Securities and Exchange Commission indicate that the company will seek an arrangement between itself and creditors that will allow it to survive “as a going concern.”
From pv magazine USA
In a recent Form 6-K filing posted on the company websitemade solar cell and module manufacturer Maxeon Solar Technologies, Ltd. announced that it has applied to be placed under judicial management in its home country of Singapore.
In the filing, the company detailed the efforts it has made over the past two years to overcome the challenges posed by the continued detention of its modules by U.S. Customs and Border Protection (CBP). These efforts include the divestiture of subsidiaries, the sale of its non-US operations and various other restructuring activities.
Now facing legal action for breach of contract and seeking damages in excess of $70 million, the company’s managers and board of directors have rejected the submission of voluntary applications by Maxeon and its subsidiary, Maxeon Solar Pte Ltd. (MSPL) approved to place the companies under “judicial administration pursuant to section 91 of the Insolvency, Restructuring and Dissolution Act 2018 of Singapore.”
Statements in the filing indicate that Maxeon Solar Technologies, Ltd. intends to “seek a compromise or arrangement between the Company or MSPL, as the case may be, and the creditors of the Company” to effectuate its continued existence “as a going concern” or a “more beneficial realization” of its assets, which would occur in a “liquidation” (or liquidation) scenario.
The 6-K filing shows that Maxeon’s board requested specific individuals from Deloitte Singapore SR&T Restructuring Services Pte. Ltd. company to act as judicial managers for the two companies in the case.
A long, hard road
The latest news follows several years of trouble for Maxeon, once known for producing the world’s most efficient solar panels.
The company’s troubles began in 2024, after the arrest of all its Mexican-made products by the US CBP. The problems continued later in the year when the former version of the SunPower Corporation – once Maxeon’s parent company and its largest buyer – filed for bankruptcy.
At the time, SunPower had already scaled back purchases of Maxeon products, and Maxeon was focusing on the broader US residential market – a pivot that included plans for a $1.9 billion facility in Albuquerque, New Mexico (announced in 2023).
In late 2024, as Maxeon appealed CBP’s arrests, the company announced plans to refocus its operations entirely on the American marketbut without products to sell on the market, the company stopped reporting its quarterly results from Q1 2025.
In March 2025, the CBP appeal was rejected and the company filed an application actions to combat denial at the United States Court of International Trade. As mentioned above, this case is still going through the legal process.
In February 2026, Maxeon announced that this was the case leave the lease at its factory in Albuquerque, New Mexico and would instead continue its practice of contracting with third-party manufacturers to make modules in the US using its rear contact cells. These products were recently sold through the American distributor Greentech Renewables.
When reached for comment, a Maxeon representative said pv magazine USA that one first hearing was set in the judicial management filing as April 9 at 10 a.m. Singapore time (7 p.m. PDT on April 8), but could not provide additional information.
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