Bankrupt Solar Company Gets Subpoenaed

: Chris Lee Law Firm

  Filed under: News

solyndraDespite high demand for green roof products, like solar panels, several big name solar companies have faced tremendous financial pressure in recent months. Solyndra filed for bankruptcy back in August in hopes of protecting its assets and reorganizing its debt troubles. Now the company finds themselves under federal investigation of issues drawn to light as the result of their bankruptcy filing.

To Appear In Court

Solyndra is one of several solar panel manufacturing companies that received taxpayer loans in the way of federal monies. Originally designed to help with startup and operations costs, the loans were intended to boost American manufacturing and reduce the competition from foreign labor markets. Having received nearly $535 million in taxpayer loans, Solyndra’s bankruptcy presents a major problem for the federal government.

Now Solyndra finds themselves at the center of a major federal investigation spearheaded by different agencies including the FBI, U.S. attorney’s office and Department of Energy. Solyndra officials have been subpoenaed to appear in court in order to testify in front of Congress regarding certain financial transactions and other matters. Company officials are expected to defend allegations of abusing funds and receiving special treatment from government agencies.

 


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