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CALIFORNIA NEWS
Solyndra close to filing bankruptcy plan
Posted: Jun 15, 2012 3:06 PM by Associated Press
WILMINGTON, Del. (AP) - A Northern 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.
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