Judge OKs sale of former Solyndra headquarters
(AP) WILMINGTON, Del. - A Delaware bankruptcy judge has approved the sale of failed solar power company Solyndra’s former headquarters to Seagate Technology for about $90 million.
The judge approved the sale Thursday.
Solyndra received a $528 million loan from the Obama administration to build the Fremont, Calif., headquarters that is 412,000 square feet.
Last month, the judge overruled government objections and approved Solyndra’s bankruptcy exit plan, under which taxpayers will recover little if anything.
Government lawyers are appealing that ruling. It allows two private equity funds that control Solyndra to potentially reap hundreds of millions of dollars in tax breaks after Solyndra emerges from bankruptcy, using the company’s net operating losses to offset future income.
(Copyright 2012 by The Associated Press. All Rights Reserved.)