WILMINGTON, Del. — Solyndra, the solar-panel maker that failed despite a $528 million federal loan, on Monday won court approval for its plan to repay creditors and end its politically charged bankruptcy, after a judge overruled objections by the U.S. government.
U.S. Bankruptcy Judge Mary Walrath in Delaware rejected the government argument that the plan was improper because its main purpose was to provide tax breaks.
Venture-capital firms Argonaut Private Equity and Madrone Capital Partners will control Solyndra’s tax breaks, potentially worth $341 million after the bankruptcy.
Anne Oliver, an Internal Revenue Service lawyer, told the judge that the government may appeal. Walrath granted her request to delay the repayment plan by 10 days.
The plan calls for Argonaut and Madrone to take control of Solyndra’s parent company, which will have no employees or operations but will hold about $1 billion of net operating losses.
