Tuesday, October 23, 2012
Solyndra Exit Plan Solidified
Despite objections from the US Department of Energy, the
Office of the US Trustee and the IRS, a bankruptcy judge confirmed a Chapter 11
bankruptcy plan for defunct solar-panel company Solyndra yesterday.
Solyndra went under last year after taking more than $1
billion in private loans and $527 million in taxpayer money from federal loans.
The IRS believes the bankruptcy plan is only a way for the
investors in Solyndra's parent company to avoid taxes. Yesterday, bankruptcy judge
Mary Walrath rejected that claim.
Chapter 11 generally lets companies stay open while repaying
their debts. In this case, Solyndra will be liquidated. Experts are saying the
US Government probably won't get any of the taxpayers' money back.
In the summer of August, 2011, Solyndra closed down and
fired 1,100 employees. Those employees must split a $3.5 million settlement,
which was offered because the employees were not given prior notice of their
termination.
If you are facing
insurmountable debt and want to learn more about bankruptcy, please contact an
experienced bankruptcy lawyer in your area.
posted by Tess @ 9:10 AM
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