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WASHINGTON — Two senior Treasury officials said Friday that they had never seen a loan restructuring similar to an Energy Department loan to a failed solar-panel maker.
The half-billion dollar loan guarantee to Solyndra Inc. was restructured earlier this year so that private investors moved ahead of taxpayers for repayment on part of the loan in case of a default.
Treasury officials Gary Grippo and Gary Burner told a House committee they had never seen that occur in a federal loan. Grippo is a deputy assistant treasury secretary and Burner is chief financial officer at the Federal Financing Bank, which made a $528 million loan to Solyndra in 2009.
