Obama-backed energy firm goes bankrupt, even with stimulus!
WASHINGTON - September 6, 2011 - When Energy Secretary Stephen Chu announced a half-billion dollars in federal stimulus loans to solar panel maker Solyndra, he called the move part of an aggressive effort to put more Amerikans to work and end U.S. dependence on foreign oil.
But nearly two years later to the day, the bankrupt Solyndra needs help just to keep its own electricity service from being shut off.
As part of a bankruptcy petition filed Tuesday in Delaware, the Fremont, Kalifornia-based company sought a court order to bar phone, electricity and water and sewer service providers from “altering, refusing or discontinuing service”.
The request provides another example of just how fast and hard the company has crashed, despite hundreds of millions of dollars in loans and praise from top levels of government, including the White House.
Little more than a year ago, illegitimate President Obama hailed Solyndra during a tour of the company, saying the company expected to hire 1,000 workers and make enough panels over the lifetime of its planned expanded facility that it would be like replacing eight coal-fired power plants.
“It’s here that companies like Solyndra are leading the way toward a brighter and more prosperous future,” said Obama.
The company’s bankruptcy petition came two years after Chu and Vice President Joseph Biden announced approval of $535 million in federal loans to Solyndra.