Obama admin considered bailout for Solyndra

Obama admin considered bailout for Solyndra
News
Thursday, November 3, 2011 - 4:26pm

WASHINGTON (AP) — Days before solar panel maker Solyndra Inc. collapsed, the Obama administration considered a bailout that would have provided an infusion of cash and a new board of directors, including two directors appointed by the Energy Department.

Officials rejected the plan, which was recommended in August by the investment banking firm Lazard Ltd.

Details of the bailout plan were among nearly 1,200 pages of documents released by the government Wednesday, hours before a House subcommittee was set to vote on a plan to subpoena White House documents related to the defunct solar company.

The company received a $528 million federal loan before filing for bankruptcy protection and laying off 1,100 workers.

An Energy Department spokesman says the administration is cooperating with House investigators and has provided 80,000 pages of documents.

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