Abound Solar plagued by defective panels
Although the failed company's financial results were redacted in the reports by the energy department, the documents make clear that the Loveland-based solar-panel maker's revenue and production levels came in lower than it had anticipated in every quarter of 2011.
Abound's highly publicized Chapter 7 bankruptcy this July resulted in the layoffs of 125 people, on top of the 280 it had laid off earlier in the year, and the closure of facilities in Larimer and Weld counties.
Its bankruptcy came amid a year of tumult and spreading uncertainty in the solar industry, but has stood out because Abound, established in 2007, had drawn down $70 million on a $400 million DOE-backed loan. The loan — supported by members of Congress from both parties — was cut off in September 2011.
Taxpayers are expected to lose $40 million to $60 million in the bankruptcy, according to the energy department. Investors, including Pat Stryker's Bohemian Cos., are also expected to lose big.
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