Skip Page Banner  
Skip Navigation

It Ain't Easy Being Green - Status of the Solyndra Bankruptcy Case, Contributed by Cynthia W. Cole, Bell Nunnally & Martin LLP

Tuesday, December 6, 2011

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

To view additional stories from Bloomberg Law® request a demo now