Judge OK’s sale of former Solyndra headquarters
Nov 15, 2012, 4:43 PM
AP Business Writer
WILMINGTON, Del. (AP) – A Delaware bankruptcy judge has approved the sale of failed solar power company Solyndra’s former headquarters to Seagate Technology for about $90 million.
The judge approved the sale Thursday after Solyndra attorneys said the rights of three vendors who objected to the sale and have asserted disputed mechanic’s liens were being preserved.
Solyndra received a $528 million loan from the Obama administration to build the Fremont, Calif., headquarters.
Last month, the judge overruled government objections and approved Solyndra’s bankruptcy exit plan, under which taxpayers will recover little if anything.
Government lawyers are appealing that ruling, which allows two private equity funds that control Solyndra to potentially reap hundreds of millions of dollars in tax breaks after Solyndra emerges from bankruptcy, using the company’s net operating losses to offset future income.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
