American solar-system manufacturer Solyndra announced today that it would suspend operations immediately and file for Chapter 11 bankruptcy protection.
More than 1,000 employees have been laid off, effective immediately.
The company offered "global economic and solar industry market conditions" as the reason. In March 2009, the company received a $535 million loan guarantee from the U.S. Treasury's Federal Financing Bank. The money was used to expand manufacturing capacity in Fremont, Calif.
Options for the company's bankruptcy include the licensing of its CIGS technology and manufacturing expertise and an outright sale of its business.
The … Read more