Abound, Recipient Of $400M DOE Loan, To Enter Bankruptcy

Law360, New York (June 28, 2012, 4:58 PM EDT) -- A Colorado-based solar panel manufacturer that received a $400 million loan guarantee from the U.S. Department of Energy said Thursday that it was preparing to file for bankruptcy due to competition in the global solar market.

Abound Solar Inc. said it plans to shut its doors next week, attributing the decision to cost competition from Chinese manufacturers that has caused solar panel prices to plunge in the past year.

The Energy Department awarded Abound a $400 million loan guarantee in December 2010 to help finance the...
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