By Silicon Valley / San Jose Business Journal

Solyndra LLC said this week it is putting off the auction of virtually all of its assets until Nov. 18.

The bankrupt Fremont solar panel maker told U.S. Bankruptcy court that it now plans to take bids through Nov. 16 and submit the winner for court approval at a Nov. 22 hearing.

It was originally scheduled to do the auction on Oct. 27.

The Wall Street Journal reported that bankruptcy monitors were told on Tuesday that there are up to 25 potential bidders, with 14 from within the solar industry who are interested in a strategic acquisition and the rest hoping to flip undervalued assets for a profit.

The company earlier this week persuaded a U.S. Bankruptcy Court judge to let it keep control of the auction process. U.S. government attorneys wanted an independent trustee put in charge of the sale, saying Solyndra hadn't been forthcoming with key facts.

Solyndra is under investigation in connection with whether it fully disclosed all risks when it got $535 million in federal loans and guarantees.

Congressional investigations, meanwhile, have focused on whether the Obama administration had exerted undue influence in the loan process.

Written by Cromwell Schubarth. Contact him at cschubarth@bizjournals.com or 408.299.1823.

Copyright 2011 American City Business Journals

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