TPI Composites to sell Turkish subsidiaries to XCS for debt assumption; no cash proceeds

TPI COMPOSITES, INC

Seller (TPI Holdings) transfers 100% of two Turkish units to XCS Composites for assumption of €92.9M total debt.
Transaction requires Bankruptcy Court approval, expected to close by September 19, 2025.
Target companies are in default, subject to tax investigations, ongoing strike, and asset encumbrances.
Intercompany agreements (except $8M loan from TPI Kompozit 1 to TPI India) to be terminated at close.
Release of claims by Dere Construction and affiliates against TPI and related parties included.

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