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Solar firm files for bankruptcy (SpectraWatt Inc. - Intel spinoff)
Times Herald-Record ^ | 08/23/11 | Michael Levensohn

Posted on 08/24/2011 9:41:57 AM PDT by Palmetto Patriot

SpectraWatt, the solar-cell manufacturer that began operating here in early 2010 to great acclaim, only to close a year later, has filed for protection from creditors under Chapter 11 of the U.S. Bankruptcy code.

The company is seeking court permission to auction off tens of millions of dollars worth of assets. SpectraWatt blames its failure on a combination of vendor disputes and competitive pressure from countries with higher subsidies and lower costs of production.

The petition filed Friday in U.S. Bankruptcy Court in Poughkeepsie lists about $34 million in assets and more than $38 million in liabilities.

The assets include more than $6 million in state economic inducements, although it wasn't clear from the filing how much of the money had already been paid, how much was anticipated to be paid, and how much the state might seek to recover.

SpectraWatt was spun off in 2008 from Intel, which remains a major shareholder. In 2009, the company moved its headquarters from Hillsboro, Ore., to IBM's Hudson Valley Research Park in Hopewell Junction to take advantage of incentives provided by New York state. It became part of a burgeoning cluster of solar businesses on both sides of the Hudson.

The manufacturer quickly ramped up hiring and production, and by late last year, it boasted 117 full-time employees and contractors.

U.S. Labor Secretary Hilda Solis visited the plant last year, touting the potential of green technology to create jobs.

(Excerpt) Read more at recordonline.com ...


TOPICS: Business/Economy; News/Current Events; US: New York
KEYWORDS: intel
"U.S. Labor Secretary Hilda Solis visited the plant last year, touting the potential of green technology to create jobs."
1 posted on 08/24/2011 9:42:04 AM PDT by Palmetto Patriot
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To: Palmetto Patriot

2 posted on 08/24/2011 9:46:26 AM PDT by TSgt (When in the Course of human events...)
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To: Palmetto Patriot

but the future is ‘Solar’ .. and GReen Jobs..

one more chapter in Obama’s Post-Pres__ent Memoir...

The Audacity of Hoopla&Hype


3 posted on 08/24/2011 9:50:29 AM PDT by NormsRevenge (Semper Fi ... Godspeed .. Monthly Donor Onboard .. Obama: Epic Fail or Bust!!!)
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To: Palmetto Patriot

Why should these crackpot firms be allowed bankruptcy protection?

How do we know the principals aren’t just stuffing the government grants in their pockets?


4 posted on 08/24/2011 9:54:22 AM PDT by keat
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To: Palmetto Patriot
How much in taxpayer dollars did this fraud receive?

How much in political contributions did this fraud make?

5 posted on 08/24/2011 9:56:05 AM PDT by AEMILIUS PAULUS (It is a shame that when these people give a riot)
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To: Palmetto Patriot

Si Si Puede!

Viva Los Unions!

Kill dee Boeeeing!


6 posted on 08/24/2011 10:00:43 AM PDT by wac3rd (Somewhere in Hell, Ted Kennedy snickers....)
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To: Palmetto Patriot

♫ whoops there goes another super Green plant ♫


7 posted on 08/24/2011 10:40:16 AM PDT by NonValueAdded (So much stress was put on Bush's Fault that it finally let go, magnitude 6)
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To: Palmetto Patriot

this is the second to go under now.


8 posted on 08/24/2011 10:40:18 AM PDT by longtermmemmory (VOTE! http://www.senate.gov and http://www.house.gov)
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To: Palmetto Patriot
The company is seeking court permission to auction off tens of millions of dollars worth of assets.

It would be interesting to see how much these assets go for and if any political friends get super deals. (rhetorical)

9 posted on 08/24/2011 10:44:35 AM PDT by Oatka ("A society of sheep must in time beget a government of wolves." –Bertrand de Jouvenel)
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