While domestic enterprises are still "talking hard", news of bankruptcy and layoffs has been coming from foreign photovoltaic enterprises.
Bankruptcy
According to foreign media reports, on December 18 , local time, SunPower , the leading photovoltaic company in the United States, opened down more than 41%. It was the largest intraday decline since the company's 2011 IPO in the United States. This may be related to the delay in the filing of the company's third quarter results.
SunPower recently claimed that it would restate its October financial results and delay the submission of its third quarter results due to incorrect inventory accounting of its subsidiaries, which was considered a breach of credit agreements. Creditors can demand immediate payment of the $ 65.3 million they are owed.
That means SunPower "will not have sufficient liquidity to meet its obligations and pay its liabilities arising from normal business operations as they fall due." If that happens, " there is significant doubt about the company's ability to continue as a going concern," the company said.
SunPower noted that earlier this month, it received a temporary waiver from its creditors, allowing the company to delay fulfilling its commitments until January 19, 2024. Management is "pursuing additional waivers and evaluating various financing alternatives" to raise cash and address its liquidity needs, the company said.
"While SunPower continues to work with its creditors to reach an agreement on a number of covenant violations, we see that rising credit risk and the possibility of dilution continue to put pressure on the stock price," said Jordan Levy, an analyst at Truist. Considering that the company's inventory is expected to increase in the current quarter, it is expected that the company's cash flow will face further resistance in the short term.
At present, Goldman Sachs has downgraded SunPower to "sell".
Another 28-year-old Austrian photovoltaic module manufacturer, Energetica Industries GmbH , was unable to meet its current payment obligations. An application for the initiation of bankruptcy proceedings has recently been filed with the district court responsible for Klagenfurt. According to
the data, Energetica's liabilities are about 19 million euros , and its liabilities due immediately are 1.6 million euros . Energetica, on the other hand, has only about 430,000 euros in liquid assets and is therefore insolvent.
This is the second time Energetica has filed for bankruptcy. Energetica's explanation for the bankruptcy was "unpredictably destructive competition.". According to Energetica, "PV wholesalers' warehouses are filled with Chinese-produced modules that are dumped on the market at dumping prices." In addition, the management of private lending is more stringent, and the economic situation of the real estate industry is particularly tense. Demand for photovoltaic solutions also weakened "substantially," Energetica said.
According to foreign media reports, Energetica also suffered an international fraud earlier this year, thousands of components were stolen and the company lost millions of dollars .
On December 18, Badri Kothandaraman, CEO of Enphase Energy, an American micro-inverter company, announced a restructuring plan. The company will cut about 10% of its global workforce, which will affect about 350 contractors and employees . It said it was streamlining its operations to focus on clearing its global excess inventory.
At the same time, Enphase Energy will close manufacturing plants in Timisoara, Romania, and Wisconsin, USA. In addition, the company plans to reduce capacity at its global microinverter contract manufacturing operations and consolidate facilities at its global factories. The company said the restructuring plan would be completed in the first half of 2024.
As early as October, Maxeon , an overseas company in which TCL Central participated, announced that it would lay off 15% of its staff worldwide due to the market situation and the arrears of top customers. And said the layoffs will be completed by the end of this year.
Although Maxeon did not disclose the identity of its defaulting customers at the time, it reported in its third quarter results. According to Maxeon CEO Bill Mulligan, the top defaulting customer is former parent company SunPower .
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