SiliconBeat

SunPower, the San Jose maker of chips used in solar-power systems, put out a press release Tuesday to address concerns about the impact of the bankruptcy filing by Lehman Brothers, a co-underwriter of the company’s 2005 initial public offering as well as its numerous follow-on offerings of SunPower’s stock and debt.

In February 2007, SunPower lent Lehman 2.9 million shares of its common stock to enable the investment bank to “to facilitate the establishment by investors of hedged positions” in SunPower’s stock in connection with the company’s offering of $200 million in convertible debt.

The borrowed shares are due to be returned no later than 2027 when the debt offering becomes due. With With Lehman now in bankruptcy protection, SunPower said it is “currently discussing the effects of the Lehman bankruptcy” with its independent auditors and legal advisors, “and cannot provide any assurances at this point as to any legal or accounting ramifications for us.”