DefaultJun 29, 2026, 06:32 AM
Maxeon Solar Notes Declared in Default; Immediate Payment Demanded
AI Summary
Maxeon Solar Technologies has received Letters of Demand from the trustees for its Variable-Rate, 9.00% First Lien, and Adjustable-Rate Second Lien Convertible Senior Secured Notes. These letters declare Events of Default due to the company's judicial management orders, leading to the automatic acceleration of principal and accrued interest on all notes. The demands require immediate payment from Maxeon and its guarantor subsidiaries for all outstanding amounts. The Judicial Managers are currently reviewing these demands.
Key Highlights
- Maxeon Solar Technologies received Letters of Demand from trustees for its convertible senior secured notes.
- Events of Default were declared due to the company's judicial management orders from April 9, 2026, and May 29, 2026.
- An automatic acceleration of principal and accrued interest occurred for all 1st Lien and 2nd Lien Notes.
- Immediate payment is demanded for all outstanding amounts from Maxeon and its guarantor subsidiaries.
- The notes include Variable-Rate Convertible First Lien Senior Secured Notes due 2029.
- The notes include 9.00% Convertible First Lien Senior Secured Notes due 2029.
- The notes include Adjustable-Rate Convertible Second Lien Senior Secured Notes due 2028.
- Several subsidiaries, including SunPower Corporation Limited, are guarantors for the notes.
Price Impact
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