Solyndra cancels auction of company assets

Solyndra LLC cancelled a Jan. 19 auction after failing to attract offers to buy the company on a turnkey basis.

Bloomberg reports that the auction was intended to keep the company operating, but no acceptable bids were made.  Solyndra reportedly set up a supplemental auction in case the Jan. 19 sale fell through. The company will begin selling core assets on Feb. 22 through a bidding process.

The company filed for Chapter 11 bankruptcy in September 2011 after receiving a $535 million federal loan guarantee in 2009. Shortly after the bankruptcy filing, investigators with the FBI raided the office in California. The solar-panel maker reportedly listed about $854.1 million inassets and about $867.1 million in debt in court papers filed in October.

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