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Solar Company Bankrupt

4 years ago August 31, 2011 Aug 31, 2011 Wednesday, August 31 2011 Wednesday, August 31, 2011 6:30:32 PM CDT in News
Source: Associated Press
By: Michael Marsh

A solar-panel manufacturing company that got a half-billion dollar loan from the federal government announced layoffs of 1,100 workers and its intent to file for bankruptcy. Solyndra LLC of Fremont, California says world-wide economic conditions forced it to suspend business. President Obama toured the company facility last year to highlight the economic benefits of the solar industry. The price of solar panels has tanked primarily due to competition from China. House Republicans criticized the loan and the House Energy and Commerce Committee voted to subpoena documents related to the loan approval.

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