We advised the administrative agent and lender in connection with the chapter 11 bankruptcy cases 

Davis Polk advised the administrative agent, which is also a lender, under the $295 million prepetition credit facility in connection with the chapter 11 restructuring of SunPower Corporation and certain of its subsidiaries (collectively, “SunPower”). 

In August 2024, SunPower initiated voluntary chapter 11 proceedings in the United States Bankruptcy Court for the District of Delaware. The first-lien lenders consented to the debtors’ use of cash collateral to fund the chapter 11 cases. Following a sale of SunPower’s main businesses to Complete Solaria, Inc, on October 18, 2024, the Bankruptcy Court confirmed an amended joint chapter 11 plan of reorganization for SunPower, which provided for the monetization of SunPower’s remaining assets and the distribution of proceeds to creditors pursuant to an agreed plan of reorganization that went effective on November 14, 2024.

SunPower provided fully integrated solar, storage and home energy solutions to customers primarily in the United States and Canada through a range of hardware, software and financing options.

The Davis Polk restructuring team included partners Brian M. Resnick and Angela M. Libby and associates Jarret Erickson and James Nirappel. The finance team included partner Kenneth J. Steinberg, counsel Benjamin Cheng and associate Meredith Liu. Partner Patrick E. Sigmon and associates Yueyu Yang and Michael Hsieh provided tax advice. All members of the Davis Polk team are based in the New York office.

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