Judicial management triggers Maxeon (MAXNQ) senior note acceleration

(Neutral)

Form Type

6-K

Rhea-AI Filing Summary

Maxeon Solar Technologies, Ltd. (under judicial management) reports that its noteholders have delivered formal Letters of Demand to several guarantor subsidiaries after Events of Default under its senior secured note indentures. The defaults were triggered when Singapore’s High Court placed the company and Maxeon Solar Pte. Ltd. under interim judicial management on April 9, 2026 and then judicial management on May 29, 2026, with the orders remaining in effect for at least sixty days.

According to the Letters of Demand, these Events of Default caused an automatic acceleration of the principal and all accrued and unpaid interest on all First Lien and Second Lien convertible senior secured notes due 2028 and 2029. The letters demand that the named subsidiaries, as joint and several guarantors, immediately pay all outstanding principal, accrued interest, and other amounts owed under the indentures. The Judicial Managers are reviewing the demands with management and indicate that further announcements will be made if there are material developments.

Positive

None.

Negative

Events of Default and note acceleration: Judicial management orders have triggered Events of Default under Maxeon’s First and Second Lien note indentures, leading to automatic acceleration of all principal and accrued interest and immediate payment demands on the company and key guarantor subsidiaries.

Insights

Events of Default have accelerated all lien notes, sharply heightening credit stress.

Maxeon confirms that judicial management orders in Singapore constitute Events of Default under its First Lien and Second Lien note indentures. The Letters of Demand assert that this has automatically accelerated all principal and accrued interest on the convertible senior secured notes due 2028 and 2029.

Acceleration means noteholders can seek immediate payment rather than waiting for scheduled maturities, which materially increases near-term liquidity pressure. Multiple operating subsidiaries guaranteed these notes on a joint and several basis, so the demands extend beyond the parent company.

The Judicial Managers state they are reviewing the Letters of Demand with management. The eventual treatment of these accelerated obligations will likely depend on future court-supervised processes and any negotiations with noteholders, but those outcomes are not described here.

Key Figures

Interim judicial management start: April 9, 2026 Judicial management order: May 29, 2026 Default duration threshold: 60 days +3 more

6 metrics

Interim judicial management start April 9, 2026 Date the company and MSPL were placed under interim judicial management

Judicial management order May 29, 2026 Date the company and MSPL were placed under judicial management

Default duration threshold 60 days Judicial management orders remaining in effect at least sixty days constitute an additional Event of Default

First Lien Notes maturity 2029 Variable-Rate and 9.00% Convertible First Lien Senior Secured Notes due 2029

Second Lien Notes maturity 2028 Adjustable-Rate Convertible Second Lien Senior Secured Notes due 2028

Form 6-K report date June 29, 2026 Date of Maxeon’s disclosure regarding Letters of Demand and Events of Default

Key Terms

judicial management, Letters of Demand, Event of Default, First Lien Notes, +2 more

6 terms

judicial management regulatory

"orders by the High Court of the Republic of Singapore to place the Company and MSPL under interim judicial management"

Letters of Demand financial

"On June 18, 2026, letters of demand (the “Letters of Demand”) were delivered"

Event of Default financial

"constitute Events of Default under the Indentures"

An event of default is a specific breach of a loan or bond agreement—such as missed payments or breaking agreed rules—that gives lenders the legal right to act, for example by demanding immediate repayment, seizing collateral, or accelerating other obligations. For investors, it’s a red flag because it can sharply reduce a company’s ability to operate or raise money, like a car lender repossessing a vehicle after missed payments, and often leads to falling share or bond prices.

First Lien Notes financial

"9.00% Convertible First Lien Senior Secured Notes due 2029 (the “9.00% Notes”"

First lien notes are debt securities backed by specific assets that give their holders the top legal claim on those assets if the borrower can’t pay—think of them like a primary mortgage on a property: whoever holds the first lien gets paid off first from the sale. They matter to investors because that priority reduces the risk of losing principal compared with unsecured or lower-priority debt, usually meaning more protection but typically a lower yield.

Second Lien Notes financial

"Adjustable-Rate Convertible Second Lien Senior Secured Notes due 2028 (the “2nd Lien Notes”)"

Second lien notes are loans or bonds that are backed by a company’s assets but sit behind first-lien debt in the pecking order for repayment; think of them like a second mortgage on a house. They matter to investors because they typically pay higher interest to compensate for the greater risk of getting paid only after first-lien creditors in a default, so they balance higher return potential against lower recovery chances.

joint and several guarantees financial

"these certain subsidiaries had given joint and several guarantees of the payment of principal"

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Form 6-K: How Foreign Companies Report to the SEC →

Available on EDGAR 06/29/2026 - 06:30 AM Accepted by SEC EDGAR 06/29/2026 - 06:30 AM

FAQ

What did Maxeon Solar Technologies (MAXNQ) disclose in this Form 6-K?

Maxeon disclosed that judicial management orders in Singapore triggered Events of Default under its senior secured note indentures, leading to Letters of Demand and automatic acceleration of all principal and accrued interest on its First and Second Lien convertible notes.

What are the Events of Default affecting Maxeon Solar Technologies (MAXNQ)?

The Events of Default arise from voluntary applications for judicial management orders for the company and Maxeon Solar Pte. Ltd., and the High Court’s interim and then full judicial management orders remaining in effect for at least sixty days under the applicable note indentures.

Which Maxeon (MAXNQ) debt instruments were accelerated by the Events of Default?

The Letters of Demand state that all principal and accrued interest on the Variable-Rate Convertible First Lien Senior Secured Notes due 2029, the 9.00% Convertible First Lien Senior Secured Notes due 2029, and the Adjustable-Rate Convertible Second Lien Senior Secured Notes due 2028 have been automatically accelerated.

Which Maxeon (MAXNQ) subsidiaries received Letters of Demand and why?

Letters of Demand were addressed to several subsidiaries that had provided joint and several guarantees of principal, premium and interest on the First and Second Lien notes. These guarantees make the subsidiaries jointly responsible for payment obligations under the note indentures following Events of Default.

What payments are being demanded from Maxeon (MAXNQ) and its guarantor subsidiaries?

The Letters of Demand call for each relevant subsidiary, jointly and severally, to immediately pay all accrued and unpaid interest on the First and Second Lien notes, the entire outstanding principal amounts of those notes, and all other sums due and owing under the related indentures.

How are Maxeon’s Judicial Managers responding to the Letters of Demand?

The Judicial Managers state they are reviewing the Letters of Demand together with the company’s management. They indicate that further announcements will be released if there are material developments, but no specific next steps or resolutions are described in this disclosure.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16b n

of the Securities Exchange Act of 1934

Date of Report: June 2026

Commission File Number: 001-39368

MAXEON SOLAR TECHNOLOGIES, LTD.

(UNDER JUDICIAL MANAGEMENT)

(Exact Name of registrant as specified in its charter)

6 Shenton Way, #33-00,

Oue Downtown

Singapore 068809

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule

101(b)(7): ☐

Singapore – June 29, 2026: On June 18, 2026, letters of demand (the “Letters of Demand”) were delivered to certain subsidiaries of Maxeon Solar Technologies, Ltd. (Under Judicial Management) (“Maxeon” or the “Company”) pursuant to:

the indenture dated August 17, 2022 (as amended, amended and restated, supplemented, or modified from time to time, the “Variable-Rate Indenture”), by and among the Company as issuer, the Guarantor Parties thereto, Deutsche Bank Trust Company Americas (“DBCTA”), as trustee and DB Trustees (Hong Kong) Limited, as collateral agent pursuant to which the Company issued Variable-Rate Convertible First Lien Senior Secured Notes due 2029 (the “Variable-Rate Notes”);

ii.

the indenture dated June 20, 2024 (as amended, amended and restated, supplemented, or modified from time to time, the “9.00% Indenture” and, together with the Variable-Rate Indenture, the “1st Lien Indentures”), by and among the Company as issuer, the Guarantor Parties thereto, DBCTA as trustee and DB Trustees (Hong Kong) Limited, as collateral agent pursuant to which the Company issued 9.00% Convertible First Lien Senior Secured Notes due 2029 (the “9.00% Notes” and, together with the Variable-Rate Notes, the “1st Lien Notes”); and

iii.

the Indenture dated June 20, 2024 (as amended, amended and restated, supplemented, or modified from time to time, the “Adjustable-Rate Indenture”, together with the 1st Lien Indentures, the “Indentures”), by and among the Company as issuer, the Guarantors Parties thereto, DBCTA as trustee (the “Trustee”), DB Trustees (Hong Kong) Limited as the collateral trustee, pursuant to which the Company issued Adjustable-Rate Convertible Second Lien Senior Secured Notes due 2028 (the “2nd Lien Notes”).

The Letters of Demand were addressed to these certain subsidiaries of Maxeon:

SunPower Corporation Limited

SunPower Energy Corporation Limited

SunPower Systems International Limited

SunPower Manufacturing Corporation Limited

SunPower Technology Ltd.

SunPower Systems Sàrl

Maxeon Rooster HoldCo Ltd.

Save for SunPower Systems International Limited, these certain subsidiaries had given joint and several guarantees of the payment of principal, premium (if any) and interest on the 1st Lien Notes and 2ndLien Notes issued by the Company. SunPower Systems International Limited has given joint and several guarantees of the payment of principal, premium (if any) and interest on the 1st Lien Notes issued by the Company.

The Letters of Demand state that the voluntary applications for judicial management orders filed by the Company and MSPL, which led to the orders by the High Court of the Republic of Singapore (the “Court”) to place the Company and MSPL under interim judicial management on April 9, 2026 and judicial management on May 29, 2026, constitute Events of Default under the Indentures. The Letters of Demand further state that as the orders by the Court to place the Company and MSPL under interim judicial management remain unstayed and in effect from April 9, 2026 for at least sixty (60) days, such order constitutes another Event of Default under the Indentures. The Letters of Demand state that due to the occurrence of these Events of Defaults, an automatic acceleration of the principal amount of, and all accrued and unpaid interest on, all 1st Lien Notes and 2ndLien Notes has occurred.

The Letters of Demand state demands for each of the above-mentioned subsidiaries of the Company, as applicable, jointly and severally, to immediately pay all accrued and unpaid interest on the 1stLien Notes and 2nd Lien Notes, the entire outstanding principal amount of the 1st Lien Notes and 2nd Lien Notes, and all other amounts due and owing under the Indentures.

The Judicial Managers are reviewing the Letters of Demand with management of the Company and will release further announcements on material developments, if any.

Incorporation by Reference

The information contained in this report on Form 6-K, including the exhibit hereto, is hereby incorporated by reference into the Company’s registration statements on (i) Form F-3 (File No. 333-268309), (ii) Form S-8, as amended (File No. 333-241709), (iii) Form S-8, as amended (File No. 333-277501), (iv) Form S-8 (File No. 333-283187), and (v) Form S-8 (File No. 333-290336), each filed with the Securities and Exchange Commission (the “SEC”).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


		MAXEON SOLAR TECHNOLOGIES, LTD. (Registrant)
June 29, 2026	By:	/s/ Tan Wei Cheong
		Tan Wei Cheong
		Joint and Several Judicial Manager

Source: View Original Filing on SEC EDGAR