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October 2, 2012 > Judge approves sale process for Solyndra property

Judge approves sale process for Solyndra property

By Randall Chase, AP Business Writer

WILMINGTON, Del. (AP), Sep 24 - A Delaware bankruptcy judge has approved a process for failed solar power company Solyndra to sell its former California headquarters to Seagate Technology for just over $90 million.

The sale process approved by the judge on Monday makes Seagate the lead bidder for the 30-acre Solyndra complex in Fremont, Calif.

The judge tentatively scheduled a hearing to approve the sale for Nov. 15.

Attorneys for Solyndra, which sought bankruptcy protection last year, said sale objections by three vendors who have filed mechanics lien would be heard at the sale hearing if not resolved before then.

Solyndra received a $528 million loan from the Obama administration to build the Fremont site. In court filings, the company listed a book value of just under $300 million for the property.

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