On September 6, 2011, Solyndra LLC and related entity 360 Degree Solar Holdings, Inc. filed for Chapter 11 bankruptcy protection amidst an investigation related to Solyndra’s acquisition of $538 million in government guaranteed loans. More than 60 days later, Solyndra continues to exist under the safeguard of the Bankruptcy Code as it sheds non-core assets and prepares for the sale of its business under the leadership of a new chief restructuring officer.
Sale of Non-Core Assets
During the week of November 1, Solyndra conducted an auction, both at its California headquarters and online, to sell its non-core and surplus assets. Specifically, the company eliminated excess supplies, fixtures and equipment that would not be necessary for continued operations by a future purchaser of Solyndra’s business. Almost 4,000 bidders registered to participate in the two-day auction, which according to court filings generated more than $6.2 million in proceeds
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