Solar Equipment Maker Solyndra files for Bankruptcy


Solyndra, the company the White House highlighted in its efforts to push for cleaner energy technology, has filed for Chapter 11 bankruptcy protection. It has laid off more than 1,000 full-time and part-time workers and increased the Republican’s criticisms of the Obama administration’s initiative in renewable energy.

The company issued a statement Wednesday, citing the global economic recession and weak demand for solar panels had forced it to suspend production at its plant. The company now has to weigh its options in how to reorganize. One option is to find a suitable buyer and to license the technology it uses to manufacture its solar products, which includes a unique cylindrical solar panel that maximizes absorption of the sun’s rays.

The government awarded Fremont-based Solydra a loan guarantee (the first company to be given the guarantee) of $535 million as part of President Obama’s economic stimulus package. The guarantee was issued under the Energy Department’s program in 2009. Then last year, the President visited Solyndra’s plant in California to spotlight the government’s efforts in promoting clean renewable energy. At that time, Solyndra was expanding its business creating jobs for workers making construction materials to build a new factory and assembling parts for solar equipment.

Please see full article below for more information.

LOADING PDF: If there are any problems, click here to download the file.

Written by:

Published In:

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Tampa Bay Bankruptcy Center, P.A. | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »

All the intelligence you need, in one easy email:

Great! Your first step to building an email digest of JD Supra authors and topics. Log in with LinkedIn so we can start sending your digest...

Sign up for your custom alerts now, using LinkedIn ›

* With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name.