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Loan Guarantees

BUSINESS
September 23, 2011 | By Ken Bensinger and Alexa Vaughn
The Department of Energy granted final approval to three new loan guarantees for green energy projects, even as it faced continued scrutiny over $528 million in government loan assurances to solar panel maker Solyndra, which went bankrupt. The new guarantees were announced Friday after executives of Solyndra invoked their 5th Amendment privilege against self-incrimination before a congressional subcommittee investigating the loan guarantee process. Meanwhile, two other solar companies said they would probably not get funding under the same program, despite earlier promises from the government.
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BUSINESS
September 20, 2011 | By Jim Puzzanghera, Los Angeles Times
Two House Democrats want to question two major investors in solar panel manufacturer Solyndra about the failure of the Fremont, Calif., company. Reps. Henry A. Waxman (D-Beverly Hills) and Diana DeGette (D-Colo.) asked that executives from two of Solyndra's largest private investors, Argonaut Private Equity and Madrone Capital Partners, be called to testify at a hearing Friday or in the near future. Solyndra Chief Executive Brian Harrison and Chief Financial Officer W.G. Stover Jr. are expected to testify Friday about the failure of the company, which received a $535-million loan guarantee from the Department of Energy in 2009 as part of the Obama administration's economic stimulus plan.
NEWS
September 20, 2011 | By Neela Banerjee
Rep. Darrell Issa (R-Vista), chairman of the House Oversight Committee, said that he plans to launch an investigation into government loan programs, in response to the implosion of solar equipment maker Solyndra, which got a $535-million federal loan guarantee in 2009. Solyndra was the first recipient of a loan guarantee under a program authorized by the Bush administration in 2005 and beefed up under President Obama's stimulus act.  But in the last few weeks, the company has shuttered its operations, laid off nearly all of its 1,100 workers and filed for Chapter 11 bankruptcy protection.
BUSINESS
September 15, 2011 | By Neela Banerjee, Los Angeles Times
The Treasury Department has opened an inquiry into the role one of its units played in granting a $535-million federal loan guarantee to solar equipment maker Solyndra, which collapsed into bankruptcy 10 days ago. Once heralded by the Obama administration as the kind of innovative manufacturer that could help revive the economy, Solyndra laid off nearly all its 1,100 workers at the end of August and ceased operations. After it filed its Chapter 11 Bankruptcy Court petition, the FBI raided its offices in Fremont, Calif., and the homes of its executives.
BUSINESS
September 8, 2011 | By Stuart Pfeifer and Ronald D. White, Los Angeles Times
Federal agents executed a search warrant at the Northern California headquarters of solar panel manufacturer Solyndra Inc., which filed for bankruptcy protection this week despite receiving $535 million in federal stimulus loan guarantees. The FBI and Department of Energy's Office of Inspector General confirmed that their agents were involved in the raid Thursday at Solyndra's offices in Fremont but declined to discuss what they were investigating. FBI spokesman Peter D. Lee said documents related to the search had been sealed.
OPINION
September 2, 2011
When Solyndra, a Bay Area maker of industrial solar panels, announced plans to file for bankruptcy protection Wednesday, it wasn't just a blow for the company's 1,100 laid-off employees or the investors who have pumped millions into the venture. It called into question the Obama administration's entire clean-energy stimulus program. Solyndra was the first company to be awarded a federal loan guarantee under the stimulus, worth $535 million. Taxpayers are likely to end up on the hook for much if not all of that amount, a highly embarrassing development for President Obama because he was among the company's biggest cheerleaders.
BUSINESS
September 1, 2011 | By Ronald D. White, Los Angeles Times
The California solar panel manufacturer that received a high-profile $535-million Energy Department loan guarantee said it was ceasing operations, laying of 1,100 workers and preparing to file for bankruptcy protection. Solyndra of Fremont, Calif., said it had been rocked by stifling global economic conditions and faced heavy competition from Chinese firms that were undercutting it on costs. It was quite a fall from late 2009, when Solyndra received a $535-million federal loan guarantee as part of the $787-billion economic stimulus package.
OPINION
February 28, 2011
No federal gold for the Golden State Re "Robbing California of energy," Opinion, Feb. 23 Sen. Dianne Feinstein (D-Calif.) berates the House for cutting tens of billions of dollars of funding that would have gone to California businesses for projects in the field of renewable energy. As the senator explains, these funds would serve as loan guarantees for various industries that would then create thousands of jobs. What she fails to explain is that if these industries have so much potential, why are they unable to find private funding that would "invest in the future" and reap a fortune at the same time?
OPINION
February 23, 2011 | By Dianne Feinstein
The House of Representatives this week approved legislation that irresponsibly eliminates a key Energy Department loan guarantee program that is helping grow California's renewable energy industry and creating jobs across Southern California. Before I get into the particulars, here's the bottom line: By rescinding about $2 billion in Recovery Act funds and loan authority, the House has jeopardized some $40 billion of private industry investment in clean energy. Twenty-four California companies have applied for a total of $16.2 billion in loan guarantees that would bring tens of thousands of jobs to California, firmly establishing an industry of the future in our backyard.
BUSINESS
February 12, 2011 | By Sharon Bernstein, Los Angeles Times
A new federal loan program signed into law five months ago to help small businesses refinance the mortgages on their buildings could help save thousands of firms. If only the program could get started. Businesses can't apply for the loans or even determine if they qualify for them until the Small Business Administration releases rules for the program. The wait is not only problematic for stressed businesses, it's also eating up time. As passed by Congress, the program runs for two years ?
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