Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Solyndra Landlord Objects to Sale, Demands Names of Bidders

Sept. 23 (Bloomberg) -- Solyndra LLC, the bankrupt solar-panel maker, shouldn’t be allowed to hold an auction for its shuttered production facilities until it names the bidders, the company’s landlord said in court papers.

The landlord, iStar CTL I, LP, asked U.S. Bankruptcy Judge Mary Walrath to set a deadline for Solyndra to name any bidders who will try to take over the company’s seven-year, $129,000-a-month lease.

Under the proposed auction rules, iStar won’t know what a bidder wants to do with the building Solyndra leases “until just before the sale hearing,” which doesn’t give iStar enough time to decide whether it objects to the proposed buyer, the landlord said in court papers filed today in Wilmington, Delaware.

Solyndra doesn’t yet have an initial bidder. The company said in court earlier this month that it may have two parties interested in buying and reopening its factory.

The company, whose $535 million federal loan guarantee is under investigation by Republicans in Congress, filed bankruptcy this month with a plan to either sell its eight-month-old factory, or liquidate the specialized equipment used to manufacture its solar panels.

After the company fired about 1,100 workers on Aug. 31 and filed for bankruptcy, the Federal Bureau of Investigation searched its Fremont, California headquarters.

The federal loan was used to help build the company’s factory, which opened in January.

The case is In re Solyndra LLC 11-12799, U.S. Bankruptcy Court, District of Delaware (Wilmington).

-- Editors: Fred Strasser, Mary Romano

To contact the reporter on this story: Steven Church in Wilmington at schurch3@bloomberg.net

To contact the editor responsible for this story: John Pickering at jpickering@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.