Bankruptcy: Another Solar Panel Company Files

Oct 30, 2012 – Abound Solar filed for bankruptcy yesterday and will liquidate, becoming the latest USA solar panel company to file despite government support from the Obama administration. This is becoming an embarrassment for Secretary Chiu.

This follows the most famous or infamous Solyndra LLC and Evergreen Solar Inc.

Abound Solar filed for a Chapter 7 liquidation in Delaware. Chapter 7 is liquidation in contrast to Chapter 11 that attempts a reorganization.

The Loveland, Colorado-based maker of thin-film panels  had taken $70 million of a $400 million loan that had been guaranteed by the U.S. Department of Energy.

The government, which guaranteed the seven-year loan in December 2010, froze payments in August 2011. The loan had been aimed at helping Abound increase manufacturing in Colorado and Indiana. Abound was also funded with $300 million in private investment.

Abound listed assets and liabilities between $100 million and $500 million each in the filing. Affiliates Abound Solar Manufacturing and Abound Solar Technology Holdings also filed for liquidation.

Please leave your comments here concerning the poor record of the DOE in funding solar panel companies in the US.