In a recent Form 6-K filing posted to its corporate website, solar cell and module manufacturer Maxeon Solar Technologies, Ltd. revealed 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 engaged in over the past two years to overcome challenges stemming from the continued detention of its modules by U.S. Customs and Border Protection (CBP) and other challenges. These efforts included divestment of subsidiaries, sale of its non-U.S. business, and other various restructuring activities.
Now, facing legal actions it says allege breach of contract and seek damages of more than $70 million, the company’s managers and board of directors approved the filing of voluntary applications by Maxeon and its subsidiary, Maxeon Solar Pte Ltd. (MSPL), to place the companies under “judicial management pursuant to section 91 of the Insolvency, Restructuring and Dissolution Act 2018 of Singapore.”
Statements in the filing indicate Maxeon Solar Technologies, Ltd. intends to seek “a compromise or an arrangement between the Company or MSPL, as the case may be, and the Company’s creditors” in order to achieve its survival “as a going concern” or a “more advantageous realization” of its assets that would occur in “a winding up” (or liquidation) scenario.
The 6-K filing reveals the Maxeon board has requested specific individuals from the 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 difficulties for Maxeon, once known for producing the most efficient solar panels in the world.
The company’s woes began in 2024, following the detention of all of its Mexico-manufactured products by U.S. CBP. The difficulty continued later in the year when the former version of the SunPower Corporation — once Maxeon’s parent company and largest buyer — filed for bankruptcy.
At the time, SunPower had already reduced its purchases of Maxeon products, and Maxeon was pivoting to address the broader residential market in the U.S. — a pivot that included plans for a $1.9-billion facility in Albuquerque, New Mexico (announced in 2023).
In late 2024, as Maxeon appealed the CBP detentions, the company announced plans to re-focus its operations entirely on the U.S. market, but without products to sell into the market, the company ceased reporting its quarterly earnings as of Q1 2025.
In March, 2025 the CBP appeal was denied, and the company filed actions to fight the denial in the U.S. Court of International Trade. As mentioned above, this case is still working its way through the court process.
In February 2026, Maxeon announced it had abandoned the lease on its Albuquerque, New Mexico facility and would instead continue its practice of contracting with third-party manufacturers to make modules in the U.S. using its back contact cells. These products have been recently sold through U.S. distributor Greentech Renewables.
When reached for comment, a Maxeon representative told pv magzine USA that an initial hearing has been set in the application for judicial management for 10 a.m. Singapore time on April 9, (7 p.m. PDT on April 8), but could not provide additional information.
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