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Some Solyndra executives to get bonuses, despite bankruptcy

February 23, 2012|By David Colker
  • Solyndra, which got millions of dollars in government loan guarantees but later filed for bankruptcy, will be giving bonuses to some remaining employees.
Solyndra, which got millions of dollars in government loan guarantees… (Associated Press )

Remember Solyndra, the solar panel maker that got $535-million government loan guarantees, only to file for bankruptcy less than two years later?   

Well, some of its remaining employees could get bonuses of up to $30,000 apiece, even though the company is being liquidated.

The judge overseeing the bankruptcy proceedings has OK’d paying a total of nearly $370,000 in bonuses if certain landmarks are reached, including the timely auction of some Solyndra assets, according to a Bloomberg News report.

Former employees opposed the bonuses, but the Fremont, Calif., company said that without them key people might quit before the tasks ahead were completed.  

The company filed for bankruptcy Sept. 6 and two days later its offices were raided by the FBI.

In better times, President Obama praised the company for its role in alternative energy creation, and it was predicted that Solyndra would create thousands of new jobs.

But after the company’s collapse, Republicans in Congress sharply criticized the administration’s role in securing the loan guarantees.  

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