(Bloomberg) -- SunPower Corp. has won bankruptcy court approval to sell its solar panel business to rival Complete Solaria Inc. for $45 million.

The sale includes SunPower’s direct-to-consumer unit, Blue Raven, as well as the bankrupt company’s new home business, according to court documents. Complete Solaria said Tuesday that the transaction is expected to close on or before Sept. 30 and will result in the transfer of about 1,000 SunPower employees.

SunPower first received approval from Judge Craig Goldblatt to sell its assets to Complete Solaria last month. The offer was in the form of a stalking horse, meaning Complete Solaria’s offer was subject to better offers. SunPower said in court papers that it would move forward with the Complete Solaria offer because it didn’t receive other qualified bids for its business.

SunPower filed Chapter 11 in August, blaming its troubles on high interest rates and subsidy changes in California, the US sector’s biggest market. The company said at the time that it was carrying about $2 billion in long-term debt and had had been struggling for months to avoid potential defaults under its various credit agreements.

The case is SunPower Corporation, 24-11649, US Bankruptcy Court, District of Delaware (Wilmington)

©2024 Bloomberg L.P.