Summary by Moomoo AI
On January 18, 2024, SunPower Corporation entered into an Extension Agreement amending its existing Credit Agreement, which was originally dated September 12, 2022, and subsequently amended on January 26, 2023, and December 8, 2023. The Extension Agreement, involving SunPower, its subsidiaries, and lenders including Bank of America and JPMorgan Chase, extends a temporary waiver related to breaches of financial and reporting covenants until January 31, 2024. This waiver was initially granted until January 19, 2024, as disclosed on December 11, 2023. Additionally, SunPower's wholly owned indirect subsidiary, SPWR RIC Borrower 2022-1, LLC, entered into a similar extension agreement for its Atlas Credit Agreement, extending the waiver for covenant breaches until January 31, 2024. SunPower plans to continue negotiations with the lenders to seek longer-term solutions for covenant compliance and borrowing availability under both credit agreements. However, there is no assurance that further consents or waivers will be obtained. The company cautions that forward-looking statements included in the report involve risks and uncertainties that could cause actual results to differ materially from anticipated results.