Solyndra Moves Closer to Scrap Heap
NEW YORK (
TheStreet) -- Nobody wants to buy failed solar company
Solyndra, and its fate will now rest in the hands of
"No company has given us a bid that we can work with. In the context of bankruptcy, by law a bid must be higher than the estimated liquidation value," said Eric Carlson, financial adviser at Imperial Capital, which was hired once Solyndra entered bankruptcy to find a buyer willing to revive the company as a solar manufacturer.
Carlson said Imperial Capital contacted at least 150 potential buyers, but was not able to find one bidder willing to bid above estimated liquidation value. The closer Solyndra gets to the scrap heap, the more questionable the market rationale provided by the federal government for its continued investment in the company looks.
At the height of the resulting political furor, the Department of Energy presented a very specific defense of its continued investment in a company with a deteriorating financial outlook, a defense predicated on
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