Abound Solar reveals it owes $82 million
The Loveland-based solar-panel manufacturer has been dissolving operations as part of its Chapter 7 bankruptcy, leaving multiple creditors, investors and others on the hook. Abound's insolvency, declared early last month, is among Colorado's largest corporate bankruptcies in recent memory.
In new papers filed with the court late last month, Abound also revealed just how much its business had fallen.
Abound reported 2010 sales of $26 million. It said sales dropped to $22 million last year and plummeted to just $1 million this year.
Of its liabilities, $70.9 million is owed to the U.S. Department of Energy.
Abound had drawn down approximately that amount on a $400 million loan guarantee from the energy department. Taxpayers will lose $40 million to $60 million of that amount, the energy department has said.
Abound also had raised more than $300 million in private equity financing before it declared bankruptcy last month, according to the energy department.
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