Denver Post: Colo. Solar Panel Maker That Got $400M Federal Loan Guarantee Goes Bankrupt
From the Denver Post: Abound Solar, the panel maker, plans to file for bankruptcy and liquidate next week, putting 125 people out of work and leaving American taxpayers with up to a $60 million tab, the Denver Post reported Friday.
The company reportedly ran into production, market and financing problems.
Abound received a $400 million federal loan guarantee last July to expand one of its plants and build a factory in Indiana but it used only about $70 million, the Post reported.
After liquidation, taxpayers will be liable for between $40 million and $60 million, Damien Lavera, a U.S. Department of Energy spokesman, said in a statement.