Colorado solar panel manufacturer Abound Solar is almost prepared to file its plans for bankruptcy.
The company received a $400 million loan from the federal government, but it only utilized $68 million before the government rescinded its funding. The company revealed in February that it closed its factory.
Abound Solar had planned to utilize an alternative to silicon, but after the costs of silicon fell, the competition from Chinese solar energy companies was too much for the Colorado company.
Bankruptcy protection can help businesses recover from tough economic times. If your business needs protection, contact the business bankruptcy attorneys of Hong Law, PLC, at 319-632-1400.
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