Despite Fed Protests, Court OKs Solyndra Bankruptcy

Government may appeal decision

By Evann Gastaldo,  Newser Staff

Posted Oct 22, 2012 12:46 PM CDT

(Newser) – Failed solar company Solyndra got court approval for its bankruptcy plan today—despite objections from the US government. The government had accused the plan of providing $341 million in improper tax breaks for investors, but a judge said the government didn't prove that the main goal of Solyndra's bankruptcy plan was to provide said tax benefits. An IRS attorney says the government may appeal, Reuters reports.

In this Sept. 16, 2011 file photo the Exterior of solar-panel manufacturer Solyndra is seen in Fremont, Calif.
In this Sept. 16, 2011 file photo the Exterior of solar-panel manufacturer Solyndra is seen in Fremont, Calif.   (AP Photo/Paul Sakuma,File)
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