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Solar panel maker Abound to auction off assets

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Abound Solar Inc., the bankrupt solar-panel maker that had hoped to hire up to 1,200 people in Indiana by the end of next year, will have its assets sold at auctions this month and in October under authority granted last week by the U.S. Bankruptcy Court in Delaware.

Colorado-based Abound filed for Chapter 7 liquidation in early July and a trustee was appointed. The company listed assets of $136.1 million and debt totaling $82 million.

Abound's ambitious plan to open major solar panel plants in Colorado and Indiana was undone by stiff competition from companies in China, where the government spent more than $30 billion in 2010 to subsidize its solar industry, according to U.S. energy officials.

The company had hoped to use the massive, unused Getrag transmission plant in Tipton, north of Indianapolis, for a plant with 900 to 1,200 employees. But the plant never opened and the Colorado operations barely got off the ground.

Abound borrowed about $70 million from a $400 million loan guarantee provided by the U.S. Energy Department. The last draw on the loan was in August 2011, about the time Solyndra LLC halted manufacturing in advance of a Chapter 11 bankruptcy filing. A spokesman for the Energy Department previously said the government expects a loss of $40 million to $60 million on the loan guarantee.

The assets of the company will be auctioned by a joint venture between Great American Group LLC and Branford Group. They will receive expense reimbursement up to $156,000 plus a fee of 60 percent of the so-called buyer’s premium. If the assets are sold in bulk rather than piecemeal, the fee will be 5 percent of the gross sale price.

The 781,000-square-foot plant in Tipton where Abound had hoped to open its Indiana plant has gone back on the market at a steep discount.








 

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  1. I think the poster was being sarcastic and only posting or making fun of what is usually posted on here about anything being built in BR or d'town for that matter.

  2. Great news IRL fans: TURBO the IMS sanctioned movie about slugs running the Indy 500 has caught the Securities and Exchange Commission because Dreamworks had to take a $132MILLION write down...because the movie was such a flop. See, the Indy/IMS magic soiled another pair of drawers. Bwahahahahahaha! How's CARTOWN doing? HAHAHAHA...Indy is for losers.

  3. So disappointed in WIBC. This is the last straw to lose a good local morning program. I used to be able to rely on WIBC to give me good local information, news, weather and traffic on my 45 minute commute.Two incidents when I needed local, accurate information regarding severe weather were the first signs I could not now rely on WIBC. I work weekend 12 hour nights for a downtown hospital. This past winter when we had the worst snowfall in my 50 years of life, I came home on a Sunday morning, went to sleep (because I was to go back in Sunday night for another 12 hour shift), and woke up around 1 p.m. to a house with no electricity. I keep an old battery powered radio around and turned on WIBC to see what was going on with the winter storm and the roads and the power outage. Sigh. Only policital stuff. Not even a break in to update on the winter storm warning. The second weather incident occurred when I was driving home during a severe thunderstorm a few months ago. I had already gotten a call from my husband that a tornado warning was just southwest of where I had been. I turned to WIBC to find out what direction the storm was headed so I could figure out a route home, only to find Rush on the air, and again, no breaking away from this stupidity to give me information. Thank God for my phone, which gave me the warning that I was driving in an area where a tornado was seen. Thanks for nothing WIBC. Good luck to you, Steve! We need more of you and not the politics of hatred that WIBC wants to shove at us. Good thing I have Satellite radio.

  4. I read the retail roundup article and tried Burritos and Beers tonight. I'm glad I did, for the food was great. Fresh authentic Mexican food. Great seasoning on the carne asada. A must try!!! Thanks for sharing.

  5. John, unfortunately CTRWD wants to put the tank(s) right next to a nature preserve and at the southern entrance to Carmel off of Keystone. Not exactly the kind of message you want to send to residents and visitors (come see our tanks as you enter our city and we build stuff in nature preserves...

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