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Solynda 2: Another $30 Million in Taxpayer Loss

Solynda 2: Another $30 Million in Taxpayer Loss

Abound Solar to Suspend Operations, Will Seek Bankruptcy

Abound Solar Inc., a U.S. solar manufacturer that was awarded a $400 million U.S. loan guarantee, will suspend operations and file for bankruptcy because its panels were too expensive to compete.

Abound borrowed about $70 million against the guarantee, the Loveland, Colorado-based company said today in a statement. It plans to file for bankruptcy protection in Wilmington, Delaware, next week.

The failure will follow that of Solyndra LLC, which shut down in August after receiving a $535 million loan guarantee from the same U.S. Energy Department program. Abound stopped production in February to focus on reducing costs after a global oversupply and increasing competition from China drove down the price of solar panels by half last year.

Read more:
http://www.businessweek.com/news/2012-06-28/abound-solar-to-...