California-based SunPower Corporation has been facing financial challenges, as detailed in its 8-K filing on July 3, 2024. According to SunPower, Ernst & Young LLP (EY) resigned as its independent auditor, prompting NewYork-based KBRA to place the Class A of SunStrong 2018-1 on a ‘A’/Watch Developing rating. EY cited concerns over financial statement accuracy, leading to an SEC investigation into potential revenue recognition irregularities and an internal audit committee review. The company’s 10-K/A filing on December 18, 2023, disclosed breaches in its credit agreement and weaknesses in internal financial controls. Despite obtaining waivers from creditors, EY’s resignation complicates efforts to restate audited financial statements and affects creditor negotiations. SunStrong Capital Holdings, LLC replaced GreatAmerica Portfolio Services Group LLC with Launch Servicing, LLC for backup servicing. KBRA will continue to monitor SunPower’s financial health.
SunPower undergoes internal financial review
SunPower’s audit committee has launched an internal review following the SEC investigation into revenue recognition practices. (Image Credit: KBRA)
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