Abound Solar auction 'went very well'
Great American Group, based in Woodland Hills, Calif., attempted to recoup taxpayer losses from Abound Solar's Chapter 7 bankruptcy through an online auction held earlier this week. The company is auctioning manufacturing and facilities support equipment, "most of which if not brand new, is in like-new condition," Vice President Paul Brown said.
"There were a very large number of bidders for that particular auction," he said. "It went very well."
Brown declined to share the amount netted from the auction, which included equipment from Abound's Fort Collins research and development facility, test facility in Loveland and a west Longmont facility.
The company will play host to another online auction featuring a webcast Oct. 2 and 3. Assets from the main production facility in Longmont as well as a facility in Osceola, Ind., will be sold.
The equipment can support the operations of a variety of technology companies, Brown said.
In Longmont, for example, assets consist of office furniture, pallet racking and glass-washing equipment, compressors and many other items.
The more than 100,000 solar panels won't be auctioned. Instead, Great American Group will sell them from a warehouse in Denver, he said.
Abound Solar valued its assets at $136.1 million and said its liabilities amounted to $82 million.
Taxpayers will lose between $40 million and $60 million in the bankruptcy, according to the Department of Energy. The federal government granted Abound Solar a $400 million loan guarantee, of which the company had drawn down $70 million.
Auction proceeds will be used to settle the company's debts.
"We're trying to maximize the return for the taxpayer," Brown said. "My job is to sell this equipment for as much as I can possibly sell it."
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