"Solyndra, a Silicon Valley solar energy firm, subsidized to the tune of $500 million and held as a 'gleaming example of green technology,' announced bankruptcy yesterday. 1,100 employees fired."
The company will likely file for bankruptcy in Delaware next Wednesday, Spokesman David Miller said in an e-mail, while it evaluates options including selling itself or licensing its technology. About 1,100 full-time and temporary employees have been dismissed, effective immediately. It may have trouble finding a buyer, said Adam Krop, an analyst at Ardour Capital Partners in New York. “I don’t see anyone swooping in,” he said today in an interview. “I don’t see this technology as very viable in the long-term. I see someone maybe buying the facility.”
Technology Not ‘Scalable’The company has borrowed $527 million of the $535 million Energy Department loan guarantee, Damien LaVera, the agency’s press secretary, said today in an e-mail.
Read full at Bloomberg
The company will likely file for bankruptcy in Delaware next Wednesday, Spokesman David Miller said in an e-mail, while it evaluates options including selling itself or licensing its technology. About 1,100 full-time and temporary employees have been dismissed, effective immediately. It may have trouble finding a buyer, said Adam Krop, an analyst at Ardour Capital Partners in New York. “I don’t see anyone swooping in,” he said today in an interview. “I don’t see this technology as very viable in the long-term. I see someone maybe buying the facility.”
Technology Not ‘Scalable’The company has borrowed $527 million of the $535 million Energy Department loan guarantee, Damien LaVera, the agency’s press secretary, said today in an e-mail.
Read full at Bloomberg
