**Written by Doug Powers
Today there was another bankruptcy announcement that comes as no surprise to anyone with the possible exception of the people who put taxpayers on the hook for the loan:
Abound Solar Inc., a U.S. solar manufacturer that was awarded a $400 million U.S. loan guarantee, will suspend operations and file for bankruptcy because its panels were too expensive to compete.
Abound borrowed about $70 million against the guarantee, the Loveland, Colorado-based company said today in a statement. It plans to file for bankruptcy protection in Wilmington, Delaware, next week.
U.S. taxpayers may lose $40 million to $60 million on the loan after Abound’s assets are sold and the bankruptcy proceeding closes, Damien LaVera, an Energy Department spokesman, said in a statement today.
This loan, like most, was pitched with the promise of thousands of high paying, long lasting jobs:
Back in 2010, President Obama promised America in his weekly radio address that Abound would “manufacture advanced solar panels at two new plants, creating more than 2,000 construction jobs and 1,500 permanent jobs.” Energy Secretary Steven Chu waves his green pom-poms, too. “Not only is this investment creating thousands of jobs, but it is also increasing our renewable energy manufacturing capacity and putting us on the path for our future prosperity.”
Following the latest strikeout, who’s up next in the on-deck circle?
A123 Systems, a manufacturer of batteries for electric cars, received a $249 million grant from the Energy Department but has laid off some workers and acknowledges that it faces serious challenges.
If Solyndra, Abound and A123 are success stories, I don’t even want to know how much a failure costs.
**Written by Doug Powers
Twitter @ThePowersThatBeblog comments powered by Disqus
September 19, 2012 10:01 AM by Michelle Malkin
October 8, 2012 10:20 AM by Michelle Malkin
February 1, 2013 04:15 PM by Doug Powers
July 12, 2012 04:37 PM by Doug Powers
November 9, 2012 10:30 AM by Michelle Malkin
Daily Caller» ‘The Ring’ producer brings ghost story TV show straight to iPhone
Green Room» Gibbs: I don’t read Maureen Dowd. Dowd: Backatcha
Gay Patriot» On the March 2010 meeting between Obama & the IRS Union Chief
Green Room» Video: Time for another “Anchorman 2″ teaser trailer
Daily Caller» Swarthmore liberals go to war over fossil fuels, ethnic studies
Gay Patriot» No Bush warrant for e-mail correspondence of NYTimes reporters
Gay Patriot» Did W (or his minions) ask what books his political adversaries were reading?
Green Room» Great news: Former genocidal despot has really good appeals lawyers