TCL Zhonghuan announced on the evening of April 1 that it had received a notice from its holding subsidiary Maxeon solar TechnologiesLtd. (Hereinafter referred to as "Maxeon"). Maxeon and its subsidiary Maxeon Solar Pte Ltd. ( "MSPL") voluntarily and jointly apply to the High Court of Singapore to enter into judicial administration proceedings and apply for the appointment of a Deloitte Singapore SR & & The TRestructuring Services Pte. Ltd. (Hereinafter referred to as "Deloitte") and related professionals are the judicial managers to manage their related affairs, businesses and assets during the judicial management.
Subject to the provisions of the Laws of Singapore, no steps shall be taken to enforce any of the Security Rights over the property of Maxeon or MSPL, as the case may be, without the leave of the Court and subject to such terms and other restrictions as may be imposed by the Court from the date of the application for judicial administration. No other legal proceedings shall be commenced or continued against Maxeon or MSPL, as the case may be. Maxeon and MSPL are given a degree of judicial protection to allow them more time to settle their debts.
As for the reasons why Maxeon and MSPL applied to enter the judicial management procedure, TCL Central made it clear in the announcement. The company is facing challenges and financial difficulties in its business development due to the prohibition of its products from entering the customs by the U.S. Customs and Border Protection (hereinafter referred to as "CBP"), the intensification of market price competition and the impact of new regulations on tax incentives. Maxeon's short-term cash flow is tight and there is significant uncertainty as to whether working capital will be sufficient to meet short-term debt obligations.
Perhaps a key reason for Maxeon's troubled operations is that the U.S. Customs and Border Protection ( "CBP") continues to prohibit the entry of its products. In July
2024, Maxeon's photovoltaic modules shipped from Mexico to the United States were detained by CBP for the first time on the grounds of reviewing whether the module products comply with the so-called UFLPA regulations in the United States. Maxeon protested
against CBP's action, but was eventually overruled. According to a previous report by Solar Power World, an American solar industry media, "Although Maxeon provided thousands of pages of documents to prove its full compliance, CBP only gave a" general "conclusion, saying that the documents submitted by Maxeon" seem "insufficient."
According to the announcement of TCL Central, there is still no clear solution to the objection lawsuit against CBP's continued prohibition of its products from entering the customs. Affected
by the above events, Maxeon's performance has declined seriously. In the first half of 2025, the company's revenue was $39.041 million, down 89.5% year-on-year; net loss was $65.458 million; shipments were only 153.2MW, down 84.89% year-on-year.
For Maxeon, the purpose of this application is to achieve one or more of the following objectives: first, to maintain the existence of Maxeon and MSPL, and to ensure the normal operation of all or part of its business as a going concern; (II) a settlement agreement or scheme of arrangement between Maxeon or MSPL, as the case may be, and the parties approved by a court in Singapore in accordance with the relevant laws; and (III) the realisation of the assets and property of Maxeon or MSPL, as the case may be, in a more favourable manner.
In addition, Maxeon and/or MSPL intend to enter into a transfer agreement, a current account settlement agreement and a partial termination of the business agreement.
1. Prior to the signing of the transfer agreement
, MSPL signed the Patent License Agreement with Aixu, intending to authorize its BC battery and component technology patents to Aixu, with a license fee of 1.65 billion yuan, which will be paid in five years. According to the agreement, Aixu shares must pay 100 million yuan to Maoxing Holdings Limited (hereinafter referred to as "Maoxing"), the payee designated by MSPL, on April 30, 2026. Maoxing shall pay the net amount to MSPL after receiving the amount and deducting the relevant expenses payable by MSPL.
In view of Maxeon's cash flow shortage, MSPL has signed a transfer agreement with Maoxing to transfer the relevant rights of the above 100 million yuan to Maoxing. Maoxing agreed to pay 55 million yuan to MSPL as the transfer counterpart, which will be paid in three phases.
2. Sign the termination agreement
in January 2025. Through its wholly-owned subsidiary LUMETECHPTE. LTD. (Hereinafter referred to as "LUMETECH"), the company acquired 100% equity and its corresponding rights and interests of Sun Power Philippines Manufacturing Ltd. It also signed subsidiary agreements such as the Procurement Agreement, the Transitional Service Agreement and the Bilateral Development Service Agreement to stipulate relevant delivery matters. After comprehensive evaluation, the parties agreed to terminate the Agency Purchase Agreement and the Bilateral Development Service Agreement.
As a consideration for the termination of the agreement, TCL Zhonghuan will pay Maxeon a total termination fee of US $2.52 million, and LUMETECH will pay Maxeon a total agreed termination fee of US $196500.
3. Signing of Settlement Agreement
TCL Zhonghuan Energy Technology (Jiangsu) Co., Ltd. (Formerly known as Huansheng Photovoltaic (Jiangsu) Co., Ltd.), a subsidiary controlled by the Company, Hereinafter referred to as "Huansheng Photovoltaic"), Huansheng New Energy (Jiangsu) Co., Ltd. and Tianjin Huanrui Electronic Technology Co., Ltd. had business dealings with Maxeon and its subsidiary SunPowerSolarEnergy Technology (Tianjin) Co., Ltd., and part of the payment has not been settled yet. As agreed by the parties through negotiation, the net debt of approximately US $164,400 will be paid by Huansheng Photovoltaic to Maxeon as the final settlement of all current accounts between the parties.
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