WILMINGTON, Del. (CBS/AP) — The failed solar power company Solyndra LLC is asking a Delaware bankruptcy judge to confirm its proposed reorganization plan over objections from government attorneys.
Solyndra lawyers said Monday in court documents that the plan meets legal requirements for confirmation. Lawyers also addressed and rejected Internal Revenue Service and Department of Energy objections.READ MORE: UPDATE: Elderly Victims Rescued From Fire At Pleasant Hill Senior Living Facility; 1 Injured
The IRS had previously said in court documents that the plan’s principal purpose is tax avoidance. The Department of Energy, which loaned Solyndra $528 million, claimed the plan fails to protect DOE’s $30 million interest in pre-bankruptcy collateral.READ MORE: Man Wounded In New Year's Eve Shooting At Sunvalley Mall In Concord Dies From Injuries; Arrest Made
The plan allows for two private equity funds that control Solyndra to potentially reap hundreds of millions of dollars in tax breaks after Solyndra emerges from bankruptcy, using net operating losses.
The hearing on the plan is set for Wednesday.MORE NEWS: Feds Charge Washington State Pair With Drug Trafficking After Seizing Over 300,000 Fentanyl Pills
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