Judge OKs $2.5M DIP Loans To Fund Solyndra Sale

Law360, Wilmington (September 7, 2011, 4:46 PM EDT) -- A Delaware bankruptcy judge on Wednesday cleared Solyndra LLC to borrow $2.5 million and use its lenders’ cash collateral to fund a last-ditch attempt to sell the government-backed solar panel maker and avoid liquidation.

U.S. Bankruptcy Judge Mary F. Walrath signed off on the debtor-in-possession financing — provided by prepetition lenders Argonaut Ventures LLC and Madrone Partners LP — and the cash collateral order despite opposition from the U.S. Department of Energy, which guaranteed $535 million in loans to Solyndra as part of a clean energy...
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