DOVER, Del. — Lawyers for the federal government say Solyndra LLC needs to provide more information in its reorganization plan about tax breaks that could be worth hundreds of millions of dollars to private equity funds that control the failed solar power company.
The Department of Energy and the Internal Revenue Service are objecting to a disclosure statement filed by Solyndra, which received a half-billion dollar loan from the Obama administration before filing for bankruptcy last year.
The DOE and IRS contend that the investment firms could use Solyndra’s net operating losses to avoid hundreds of millions of dollars in future income taxes from businesses totally unrelated to Solyndra.
Government lawyers are asking for more information on the tax breaks, as well as clarification of Solyndra’s remaining obligations under a 2011 debt restructuring.Copyright © 2013 Paddock Publications, Inc. All rights reserved.