Abound Solar to Suspend Operations, Will Seek Bankruptcy

by Evil 1 Posted 2012/06/29 14:16:06

Related Topics: China, Bankruptcy, Failure, Shut Down, Last Year, Solyndra, Manufacturer, Energy, Loan

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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.

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.

Schläue~© 2012/06/29 15:36:47

I feel kinda bad because I contacted friends & Family on CO. when Abound announced they were hiring.

Oh well..... at least they had a job for a while.

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Diane Spraggs Yates 2012/06/29 15:20:59 (edited)

Obama is killing coal power electric co, EEI laid off 44 and more lay off expected and will be going to natural gas and electric bills going higher !!! Thank Obama Green not working so kill the coal industry too !!!!

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HarleyCharley 2012/06/29 14:53:30

+2
OBAMY STRIKES AGAIN....

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Kat 2012/06/29 14:23:08

+2
And they don't have to give back a penny. Obama and crew BF us again.

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