Maxeon and its subsidiary, Maxeon Solar Pte. Ltd., have applied for judicial management in Singapore to restructure the business under court supervision
It seeks this process to help preserve the company as a going concern or allow asset sales that deliver better value than liquidation
The decision stems from financial pressure following the US CBP detaining shipments
Solar PV manufacturer Maxeon Solar Technologies has applied to be placed under judicial management (JM) in Singapore, where it is headquartered, opting for a court-ordered corporate restructuring process.
In a US Securities and Exchange Commission (SEC) filing dated April 1, 2026, Maxeon says its subsidiary Maxeon Solar Pte. Ltd. has also filed a voluntary application with the High Court of Singapore to place it under JM. The company’s board has proposed the appointment of Tan Wei Cheong and Lim Loo Khoon of Deloitte Singapore SR&T Restructuring Services to manage its affairs, business, and property during the JM period.
Maxeon explains that JM, under Singapore law, provides a company in financial trouble some ‘breathing space’ to ‘restructure and rehabilitate’ its business. This allows it time to realize more value for its assets than it would through liquidation.
A judicial manager appointed by the court will assess if the company can be preserved as a going concern via restructuring, or sell the company assets in a manner ‘more advantageous than liquidation’.
Maxeon’s troubles began in 2024, when shipments to its largest market, the US, were detained by the country’s Customs and Border Protection (CBP). While the manufacturer continues to stress its compliance with the Uyghur Forced Labor Prevention Act (UFLPA), the CBP has not released the detained shipments (see Maxeon Withdraws FY 2024 Guidance After Gross Loss In Q2).
“CBP’s continued denial of entry for certain shipments of the Company’s products has also impacted the Company’s ability to fulfil certain contractual commitments and in a number of cases, customers have commenced legal actions against the Company, alleging breach of contract and seeking damages upward of $70M,” stated the company in the SEC filing.
It adds, “The Company’s legal action at the U.S. Court of International Trade to contest CBP’s decision is ongoing, however, there is no imminent solution expected.”
As it prepares for JM, Maxeon has terminated certain contracts. This includes a services agreement with a subsidiary of TCL Zhonghuan Renewable Energy Technology regarding the sale of its 100% equity interest in its wholly-owned indirect subsidiary, SunPower Philippines Manufacturing. TZE will pay the company a termination fee of $2.52 million.
It has also terminated a procurement agency agreement with TZE subsidiary Lumetech regarding certain target assets in the Philippines. These will now be sold to certain TZE subsidiaries for $196.5 million.
Maxeon has also given up its right to collect a $14 million payment from Shanghai Aiko Solar Energy for a patent licensing deal, which was due by April 30, 2026 (see Maxeon & AIKO End BC Solar Patent Disputes Through Licensing Deal).
Aiko appointed Maoxing Holdings Corporation as its licensing agent, which will now pay Maxeon about $7.9 million in 3 installments before the end of this month. While Maxeon receives less money, this helps it address its liquidity issues urgently.
Earlier, in April 2025, Maxeon said it was restructuring its supply chain in the wake of US tariffs and CBP detentions, including establishing alternative manufacturing facilities and supply chains. It planned to focus on its New Mexico facility, which was targeted to come online in early 2026 (see Maxeon Establishing Alternative Manufacturing & Supply Chain). In November 2025, Maxeon abandoned its lease on the Albuquerque site.
Maxeon was spun out of US-based solar behemoth SunPower as a solar PV manufacturing company. US policy shifts also brought down SunPower, which announced bankruptcy in 2024, following which Complete Solaria acquired its assets and rebranded as SunPower to retain the brand name (see SunPower To Return, As Complete Solaria Announces Rebranding).