Solyndra bankruptcy plan approved despite objections by Alameda County, feds
Source: Reuters
Solyndra, the Fremont solar panel maker that failed despite a $528 million federal loan, on Monday won court approval for its plan to repay creditors and end its politically charged bankruptcy, after a judge overruled objections by the U.S. government and other entities, including Alameda County.
... Venture capital firms Argonaut Private Equity and Madrone Capital Partners will control Solyndra's tax breaks, known as net operating losses or NOLs, that are potentially worth $341 million after the bankruptcy.
... The plan calls for Argonaut and Madrone to take control of Solyndra's parent company, which will have no employees or operations but hold about $1 billion of net operating losses. Argonaut and Madrone plan to use the company as a vehicle to make investments or buy businesses, and apply those losses against potential future profits to reduce tax liabilities.
Ordinary creditors may not fare as well. Despite selling nearly all its assets, Solyndra expects most creditors to recover 3 percent or less of what they are owed, far less than in a typical corporate bankruptcy.
Read more: http://www.mercurynews.com/business/ci_21829146/solyndra-banruptcy-plan-approved-despite-objections-by-alameda
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