TCL Intermediate Holding: Subsidiary Maxeon Applies for Judicial Management Proceedings

TCL announced that its controlling subsidiary, Maxeon, and its subsidiary MSPL have voluntarily applied to the Singapore High Court to enter judicial management proceedings and appoint Deloitte and its professionals as judicial managers. The application is aimed at seeking the best solution for stakeholders. Maxeon has fully provided for impairment of related assets and it is expected to have no significant adverse impact on the company's main business and financial condition. In addition, MSPL has signed a transfer agreement with Maxeon to transfer the rights related to the license fees payable in April 2026; all parties have agreed to terminate the Procurement Agreement and Bilateral Development Service Agreement, and TCL will need to pay termination fees. Hengxu Solar will pay a net debt of $164,400 to settle accounts payable. The application is pending acceptance by the Singapore court, with uncertainty about the outcome.