It’s official: CIGS manufacturer Solyndra files for Chapter 11 bankruptcy protection

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email

Less than a week after shutting down manufacturing operations, Solyndra followed through on its announced intention to file for Chapter 11 bankruptcy.  The beleaguered CIGS thin-film PV firm said it hopes to reorganize and find a buyer and would like to avoid liquidating its assets.

The company noted in the filing with the US Bankruptcy Court for the District of Delaware that it is “pursuing a two-pronged strategy to effectuate either a sale of their business to a ‘turnkey’ buyer who may acquire substantially all of Solyndra’s assets” or if “unable to identify any such potential buyers,” to move forward on “an orderly liquidation of the [company’s] assets for the benefit of their creditors.”

Court documents also revealed that the company held more than $783 million in senior secured debt as of last week, and had experienced a net loss of $329 million on revenues of $142 million in the fiscal year ended Jan. 1, 2011. It also showed an assets book value of $859 million and liabilities book value of $749 million at that time.  

The documents also provide details on Solyndra’s failed efforts, beginning in February 2011, to “raise further incremental capital to fund operations until the company could generate positive cash flow from operations” and how its inability to secure “bridge financing” from some of its existing investors led to the sudden shutdown of operations on Aug. 31.

The filing listed Solyndra’s top shareholders as Argonaut Ventures (38.9%), Madrone Partners (13%), US Venture Partners (9.2%), and Rockport Capital Partners (7.33%).

Although Solyndra had announced it would lay off its entire workforce—said to be 968 full-time and 211 temporary employees in the filing—the documents said that a core team of 113 employees will remain to “assist with the restructuring efforts.”

In addition to the circumstances leading to the Chapter 11 filing previously stated by Solyndra, such as the deteriorating business conditions, oversupply of panels, drastically reduced pricing, and lowered incentives in Europe, the company noted that its “ability to timely collect on accounts receivable was negatively impacted as foreign competitors offered extended payment terms, resulting in Solyndra’s customers refusing to honor their previously agreed payment terms.”

Documents also revealed that PV glass supplier Schott Solar topped the list of creditors holding the largest unsecured claims, with unpaid accounts receivable of more than $7.688 million. Other Solyndra vendors cited as claimants included MGS Manufacturing Group ($7.5 million), Certified Thermoplastics ($2.4 million), ME2 Manufacturing & Engineering ($2.06 million), Lintelle Engineering ($1.9 million), and Amcor Pharmaceutical Packing ($1.8 million). 

22 September 2021
To commemorate the World Energy Storage Day(WESD) on 22 September, being recognized worldwide, Customized Energy Solutions (CES) and India Energy Storage Alliance (IESA) is organising the 5th global conference and virtual expo, which will be held virtually on 22 September 2021. WESD is a global movement initiated by various apex trade bodies working to promote and adopt energy storage, e-mobility & green hydrogen technologies for a sustainable future. The forthcoming edition of WESD is expected to attract global participation with an intent to facilitate bi-lateral trade, market development and new research and innovation, which will invite 100+ countries, 100+ regulators & policy makers, 100+ International speakers,1000+ organisations, 100+ partners & exhibitors and 20,000+ global delegates.
28 September 2021
Solar Solutions International is the largest trade show for solar energy in Northwest Europe. Now the solar market has grown up, it's time for the next step. Solar Solutions International displays more than 500 innovations and over 100 practical seminars concerning the latest in energy storage, smart products, and an ever evolving array of solar panels. As an exclusively B2B trade show, Solar Solutions International offers both exhibitors and visitors the chance to network at the highest level. Duurzaam Verwarmd, the largest trade show for sustainable HVAC technology in the Benelux, is held simultaneously. This way your one visit gets you up to date with all of the developments in both sustainable energy and heating.
6 October 2021
Intersolar Europe is the world’s leading exhibition for the solar industry. It takes place as part of The smarter E Europe – the continent’s largest platform for the energy industry. Under the motto “Connecting solar business,” manufacturers, suppliers, distributors, service providers and project planners and developers from around the world meet in Munich every year to discuss the latest developments and trends, explore innovations firsthand and meet potential new customers.
6 October 2021
The future is bright for a new era of US solar and storage, and the 8th annual Solar & Storage Finance Summit will provide opportunities to discuss solutions to the industry’s challenges and provide a networking platform designed to bring together the top minds in the industry to do business. With a mix of high-level, informative presentations and panels, a stellar cast of speakers and audience members with deal-making capacity, the 2021 edition of the event will be a sell-out success.
18 October 2021
Intersolar South America, South America’s largest exhibition and conference for the solar industry, takes place at the Expo Center Norte in São Paulo, Brazil on October 18–20, 2021, and has a focus on the areas of photovoltaics, PV production and solar thermal technologies. At the accompanying Intersolar South America Conference, renowned experts shed light on hot topics in the solar industry.
19 October 2021
This year’s EV World Congress will hold a special role, not only as the first live EverythingEV event in over a year – a chance to renew your connections and re-engage with the EV sector face to face – but also as a chance to share insight and inspiration as world starts to look towards move on post COVID towards hitting ambitious decarbonisation goals in 2030 and beyond. As ever, we will be bringing world leading organisations, cities, and technology providers to the UK to inspire EV innovators, and delve into the challenges facing the sector as the UK looks to revolutionise road transport.

Read Next

September 17, 2021
BP, Abu Dhabi National Oil Company (ADNOC) and Masdar have partnered up to develop low carbon hydrogen hubs and create decarbonised air travel corridors between the UK and UAE in a deal that will see “billions” of dollars of investment.
September 17, 2021
US utility company Dominion Energy Virginia has proposed 15 new energy projects totalling 1GW of power for the state, which Dominion Energy claimed was the largest group of projects to be submitted to the Virginia State Corporation Commission (SCC)
September 17, 2021
Renewables developer Ørsted has promoted Neil O'Donovan to CEO of its onshore business unit following the resignation of his predecessor in August.
September 17, 2021
A 58.5MW floating PV plant in Thailand, said to be the largest install of its kind in the country, has been connected to the grid, according to inverter and floating solutions supplier Sungrow.
PV Tech Premium
September 17, 2021
PV Tech spoke to investors and analysts about why Brazil is fast becoming an attractive market for solar investment.
September 16, 2021
Vistra Energy has welcomed the enactment of clean energy policies in Illinois which the power generation company said will support 300MW of solar and 150MW of battery storage to be built at nine of its coal plant sites. 

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 6, 2021
Solar Media Events
October 19, 2021
Solar Media Events
December 1, 2021