Solyndra close to filing bankruptcy plan

AP News
Posted: Jun 15, 2012 12:08 PM
Solyndra close to filing bankruptcy plan

A California-based solar panel manufacturer that received a half-billion dollar loan from the federal government before filing for bankruptcy protection is close to filing a proposal for what to do next.

An attorney for Solyndra LLC told a Delaware judge Friday that he expects to file a bankruptcy plan in the next two or three weeks, and that Solyndra has reached an agreement in principle with a majority of its major creditors.

Solyndra has failed to find a buyer to operate the company and is liquidating its assets.

In the meantime, the company is seeking court approval to borrow another $3 million and to extend its bankruptcy financing agreement through September as it works with landlords and other parties to dismantle and sell equipment and dispose of real estate.