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FBI raids bankrupt solar company near S.F.

Sept. 8, 2011 at 2:30 PM   |   Comments

FREMONT, Calif., Sept. 8 (UPI) -- The FBI declined to say what its agents were looking for Thursday when they searched offices of a bankrupt solar-panel company in the San Francisco Bay Area.

A squad of agents armed with a search warrant and accompanied by agents from the Department of Energy showed up at the Solyndra campus in Fremont, which recently announced it was closing its doors because it was unable to compete with lower-priced imports from Asia.

"Everything is under seal," FBI spokeswoman Julianne Sohn told the San Jose (Calif.) Mercury News.

The newspaper said a Solyndra spokesman speculated the search had something to do with $535 million on loan guarantees the company had received from the DOE. There have also been concerns voiced about a potential buyer dismantling the company's production equipment and shipping it overseas.

Solyndra filed for Chapter 11 bankruptcy protection and also laid off more than 1,000 employees. The company had a skeleton staff on hand Thursday closing down the operations and handling the last of the accounting and human-resources paperwork.

© 2011 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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