U.S. Rejected Solyndra Restructuring Before Shutdown, Memo Says
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The Energy Department rejected Solyndra LLC’s request to restructure a U.S. loan deal, a day before the solar-panel maker shut down, according to a memo from Republicans on the House Energy and Commerce Committee.
The company, which received a $535 million federal loan guarantee in 2009, was notified on Aug. 30 that restructuring the loan six months after renegotiating the agreement “was not feasible,” according to the memo, posted on the committee’s website today before a Sept. 14 hearing. Solyndra said the next day that it would cease operations and seek bankruptcy protection.