JACKSON, Miss. (CBS/AP) — Mississippi taxpayers may have only an empty Senatobia building and solar panel equipment to show for $26 million in loans to Twin Creeks Technologies.
The San Jose-based solar technology firm is liquidating, and the company that bought its assets won’t take over the agreement with Mississippi.
Twin Creeks had agreed to invest at least $132 million and create at least 500 jobs in exchange for aid.
The state sued Twin Creeks in Tate County and won a restraining order against the firm Nov. 8.
The Mississippi Development Authority’s Kathy Gelston says officials are asking Twin Creeks to repay aid.
Lenders sold Twin Creeks’ technology for $10 million to GT Advanced Technologies of Nashua, N.H. Gelston says the sale generated about $3 million for Twin Creeks, but other creditors remain besides Mississippi.
(Copyright 2012 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)