Solyndra Asks Bankruptcy Judge To Allow $500K In Bonuses
FREMONT (CBS SF) – The Washington Times reports that bankrupt Fremont-based solar panel maker Solyndra hopes to give its executives thousands of dollars in bonuses.
Solyndra got a $500 million loan guarantee from the federal government, the first such company to receive a loan under the stimulus program to encourage green energy.
Company lawyers recently requested half a million bucks in bonuses in bankruptcy court – as part of a “employee incentive plan.”
Key workers could get anywhere from $10,000 to $50,000 in bonuses. Attorneys said it is motivation for those employees to stay with the company. A bankruptcy judge needs to approve the plan.
The company laid-off 1,100 workers when it filed for bankruptcy at the end of August.
Solyndra’s implosion and revelations that administration officials rushed to complete the loan in time for a September 2009 groundbreaking have become an embarrassment for Obama and a rallying cry for GOP critics of his green energy program.
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