Solyndra to Cancel Auction Again -- No Bidders Again
- Last Updated on 01 April 2012
Solyndra LLC, the failed solar-panel maker that got $535 million in government loan guarantees before filing for bankruptcy, will again cancel tomorrow’s auction after failing to draw any offers to continue operating the company, a financial adviser said.
“Solyndra did not receive any acceptable bids to acquire the business on a turnkey basis,” Solyndra’s financial adviser, Eric Carlson with Imperial Capital LLC, said in an e-mail today.
“Solyndra will be withdrawing its sale motion without prejudice and is moving forward with the court-approved auctions of its core assets,” Carlson added.
The auction was intended to keep the company operating and potentially resurrect the jobs lost by some of Solyndra’s former employees. The company set up a supplemental auction in case tomorrow’s sale fell through. The piecemeal sale of the company’s assets will begin with the first round starting on Feb. 22.
The solar-panel maker has twice delayed the auction of its business after failing to draw any acceptable bids, court documents show.
The company, based in Fremont, California, sought Chapter 11 protection Sept. 6. Two days later its offices were raided by the Federal Bureau of Investigation. The solar-panel maker listed about $854.1 million in assets and about $867.1 million in debt in court papers filed Oct. 31. ... continued...
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