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Solyndra Asks Bankruptcy Judge To Allow $500K In Bonuses

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Solyndra Headquarters in Fremont (Solyndra Inc.)

Solyndra Headquarters in Fremont (Solyndra Inc.)

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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.

(Copyright 2012 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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