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Questions arise over fire sale of Solyndra’s assets
Question of the Day
“Cash flow was becoming critical,” he said. “These were the desperate last minutes to try to keep the doors open and make payroll.”
Mr. Warrilow, who holds no equity interest in Solyndra Solar II, said the accounts receivable and inventory sales were set up for factoring purposes, which he called fairly commonplace.
To sell the inventory, Solyndra formed its own special entity called Solyndra Financing LLC. Both Solyndra Solar and Solyndra Solar II were created to “raise additional capital and improve debtor’s liquidity position” in the months before the company went bankrupt, attorneys said in filings.
The formation of Solyndra Solar LLC and Solyndra Solar II LLC was first disclosed in bankruptcy filings last year, but records at the time did not reveal just how much inventory and accounts were being sold off. In addition to the inventory sales, the company also sold $59.1 million in accounts receivable to Solyndra Solar LLC for $46.4 million in cash, according to bankruptcy filings.
The bankruptcy filings don’t say how bankruptcy attorneys arrived at the $58.1 million figure for the inventory.
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About the Author
Jim McElhatton is an investigative reporter for The Washington Times. He can be reached at email@example.com.
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