Solyndra's Bankruptcy Plans Spark Controversy

: Chris Lee Law Firm

  Filed under: Chapter 11

solyndraWhen Solyndra filed for bankruptcy late last year, many people were disturbed by the news that a company who received over $500 million government bailout two year prior would need bankruptcy protection. Much of the solar panel company’s Chapter 11 case has brought criticism and debate among industry officials. As the company works to restructure its debts, more news has come to light that sparks an even greater source of controversy among Americans.

Misguided Efforts?

Not only is Solyndra not going to be held accountable for the government assistance in guaranteed loans they received a few year ago, but the company has also been fighting to maintain corporate bonuses for many employees throughout their liquidation process. This week the bankruptcy judge overseeing the case gave the approval for Solyndra to pay out $370,000 in bonuses if they meet other goals set forth in the bankruptcy agreement. If the bonuses go through, some corporate employees may be eligible to receive up to $30,000 a piece.

Further issues surround the failure of Solyndra to clean up environmental waste at their Fremont, California location. Barrels of unknown chemicals and lead-contaminated equipment fill the property, leaving environmental hazards scattered around the facility grounds. Solyndra blames the abrupt closure of the facility following the bankruptcy filing as the reason for abandoning their clean energy plan.

 

 

 


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