|An auction sign is shown at bankrupt Solyndra headquarters in Fremont, Calif., Monday, Oct. 31, 2011 before Wednesday's auction. Solyndra received a one half billion dollar loan guarantee from the government before filing for bankruptcy in Sept. 2011. Solyndra made solar panels. (AP Photo/Paul Sakuma)|
Solar panel maker Solyndra set to auction assets
FREMONT, Calif.—The bankrupt solar company Solyndra Inc. is auctioning off surplus assets this week as part of its bankruptcy proceedings.
Starting Wednesday, buyers can purchase the former solar manufacturer's office microwave, artwork that once hung on its walls and an array of heavy equipment and tools owned by the former solar panel maker. The online auction ends Thursday at 5 p.m.
The auction company Heritage Global Partners is calling the event the "solar auction of the year." Because the company is still up for sale, its facilities and major manufacturing equipment will not be auctioned.
"We're selling what's considered non-core, which means if a buyer bought Solyndra after the auction they could still operate without this equipment," said Ross Dove, managing partner with Heritage.
Solyndra, which received a $528 million federal loan guarantee and was touted by President Barack Obama as an example of his emphasis on so-called "green jobs," filed for bankruptcy in September and laid off 1,000 workers. The company has become a talking point for congressional Republicans opposed to government investments in clean energy.
Dove said there was so much interest in looking at the auction lots, the website went down temporarily Monday. That said, Dove said everything would be ready by auction time on Wednesday.
"The same thing happened when we did Enron too," Dove said.