More Solar Companies Seek Bankruptcy

: Chris Lee Law Firm

  Filed under: Chapter 11

Solar bankruptcyAfter Solyndra’s high profile bankruptcy filing late last year, many have been left to wonder what the future holds for the solar energy industry. Despite high demand and profitable manufacturing operations, two more solar companies are seeking Chapter 11 this week to resolve financial problems.

A Dim Future?

Solar Trust of America filed for bankruptcy on Monday, listing debt liabilities between $50 and $100 million. The California solar energy company  was given an Energy Department loan guarantee last year, along with several other companies in order to maintain operations. Having failed to meet their deadline for repayment on the loan, Solar Trust of America now finds themselves in need of additional help to restructure their debts.

Solar Millennium Inc. also filed for Chapter 11 bankruptcy yesterday, listing their liabilities to exceed over $500 million. The maker of solar thermal power plants have been battling financial insolvency proceedings abroad for quite some time. The company, whose building is home to one of the largest solar arrays in the world, is seeking bankruptcy to help coordinate the sale of some assets in order to reduce its debt burden.

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