Bankrupt Solyndra files plan
BY Staff and Wire Reports
Tuesday, July 31, 2012
7/31/12 at 3:56 AM
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Solyndra LLC, the solar-panel maker that received a $535 million U.S. Energy Department loan guarantee before seeking bankruptcy protection, has filed a Chapter 11 reorganization plan.
The plan provides for holders of allowed administrative expenses and priority claims to be paid in full, and assets of Solyndra will be vested in the Solyndra Residual Trust, according to a filing in U.S. Bankruptcy Court in Wilmington, Del.
The plan's sponsors are identified as Argonaut Ventures I LLC and Madrone Partners LP. Argonaut Ventures is the investment arm of Tulsa billionaire George Kaiser's charitable organization, the George Kaiser Family Foundation.
Kaiser invested $400 million in the solar company's parent, 360 Solar Degree Holdings Inc., through an investment vehicle connected to his foundation. Kaiser has said he had no part in helping Solyndra win the government loan.
Holders of Solyndra's general unsecured claims, valued at $50 million to $120 million, are expected to recover from 2.5 percent to 6 percent, according to a disclosure statement filed with the plan.
"The plan proposes to fairly and efficiently restructure the debtors' liabilities and distribute the debtors' assets in a manner that will allow these Chapter 11 cases to be promptly concluded," Solyndra said in the filing.
The Fremont, Calif.-based company sought Chapter 11 protection in September 2011 just days before its offices were raided by the FBI. The company laid off more than 1,000 people.
The Tulsa World staff contributed to this story by Bloomberg News