On Air Now

Upcoming Shows

Program Schedule »

Tune in to Listen

Listen Live Now » 1440 AM Green Bay, WI

Weather

Current Conditions(Green Bay,WI 54303)

More Weather »
67° Feels Like: 67°
Wind: NNE 9 mph Past 24 hrs - Precip: 0”
Current Radar for Zip

Today

Sunny 67°

Tonight

Partly Cloudy 43°

Tomorrow

Partly Cloudy 58°

Alerts

  • 0 Severe Weather Alerts
  • 0 Cancellations

Solyndra bankruptcy plan approved over government objections

By Tom Hals

WILMINGTON, Del (Reuters) - Solyndra, the failed solar panel maker, received court approval on Monday for its plan to repay creditors after a bankruptcy judge overruled objections by the U.S. government.

The government, which said it may appeal the ruling, had said the plan improperly provided $341 million in tax breaks to venture capital investors Argonaut Private Equity and Madrone Capital Partners.

In approving the company's proposal, U.S. Bankruptcy Judge Mary Walrath in Delaware said the government had failed to prove the primary purpose of the plan was to preserve tax benefits for the investors.

The U.S. government may decide to appeal, said Anne Oliver, an attorney for the Internal Revenue Service. At Oliver's request, Walrath delayed the repayment plan from going into effect for 10 days.

(Editing by Lisa Von Ahn)

Comments