Published June 28, 2012
Associated Press
WASHINGTON – A Colorado-based solar panel maker that received a $400 million loan guarantee from the Obama administration said Thursday it will file for bankruptcy, the latest setback for an industry battered by the recession and stiff competition from companies in China.
Abound Solar of Loveland, Colo., said it will suspend operations next week, after talks with potential buyers broke down. The company received about $70 million from the Energy Department before officials froze its credit line last year.
Abound is the third clean-energy company to seek bankruptcy protection after receiving a loan from the Energy Department under the economic stimulus law.
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