Reuters: Bankruptcy News: UPDATE 1-Abound Solar files for liquidation

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UPDATE 1-Abound Solar files for liquidation Jul 2nd 2012, 17:41 July 2 | Mon Jul 2, 2012 1:41pm EDT July 2 (Reuters) - Privately owned U.S. solar panel maker Abound Solar filed for voluntary chapter 7 liquidation, the latest solar company to fold in an industry shakeout caused by a steep fall in panel prices. Stiff competition from China and subsidy cuts in Europe have sent many solar companies, including Solyndra LLC and Evergreen Solar Inc, into bankruptcy protection. Abound Solar listed assets and liabilities between $100 million and $500 million each. Affiliates Abound Solar Manufacturing and Abound Solar Technology Holdings also filed for liquidation. The Loveland, Colorado-based maker of thin-film panels had drawn about $70 million of a $400 million loan from the U.S. Department of Energy, which froze the disbursements in August. The DOE has been sharply criticized by Republicans for lending more than $500 million to solar module maker Solyndra, which went bankrupt last year amid allegations the White House had pushed for the loans to reward its political supporters. However, Republicans and Democrats had supported loans to Abound Solar. The case is In re: Abound Solar Inc, U.S. Bankruptcy Court, District of Delaware, No:12-11972. (Reporting by Swetha Gopinath and Tanya Agrawal in Bangalore; Editing by Don Sebastian)

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