Bankruptcy Judge Approves $370K In Solyndra Bonuses
FREMONT (CBS/AP) – A Delaware bankruptcy judge has approved close to $370,000 in bonuses for certain employees of Solyndra LLC, a solar panel manufacturer that received a half-billion dollar loan from the federal government before declaring bankruptcy.
Solyndra, in Fremont, wanted to award bonuses of up to $500,000 to as many as 21 employees but scaled back its request after discussions with its official creditors committee.
The judge approved the revised bonus request following a hearing Wednesday.
Solyndra, which has failed to find a buyer to operate the company as a going concern, said it needs to retain key employees with the expertise needed for an orderly liquidation of its remaining assets.
Attorneys for former Solyndra workers laid off just before bankruptcy filing objected to the proposed bonuses.
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