Gov't backs 4 more solar loans as deadline looms

AP News

9/30/2011 7:02:19 PM - AP News
WASHINGTON (AP) — The Justice Department has moved to take away control of failed Fremont, Calif.,-based solar panel maker Solyndra LLC from its management.The move Friday comes the same day the Energy Department approved four more solar energy loan guarantees worth nearly $5 billion, hours before the controversial loan program that gave Solyndra a half-billion-dollar loan guarantee was set to expire.Solyndra, which filed for Chapter 11 bankruptcy protection in early September, faces a criminal investigation by the FBI, as well as scrutiny from congressional investigators and federal agencies.In a filing with the U.S. Bankruptcy Court in Delaware, the Justice Department says it's seeking to turn over management of Solyndra to a trustee because the company's executives refuse to answer questions about its finances and operations.