Sun Sets On Gov't-Backed Solar Power Co.

Law360, New York (August 31, 2011, 2:46 PM EDT) -- Solyndra LLC, a California-based manufacturer of rooftop solar power systems, announced Wednesday its closure and impending Chapter 11 filing after struggling to keep up with larger, foreign competitors.

The recipient of a $535 million stimulus loan guarantee from the U.S. government, Solyndra could not survive a glutted solar power system market and continuing economic and regulatory turmoil, it said. The company remained silent as to its debts, saying that it is entering bankruptcy protection while it “evaluates its options” and sounds out possible buyers, according to...
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