Solyndra wins bid procedures OK on $90 million Fremont property sale

By Jim Witters

Wilmington, Del., Sept. 24 - Solyndra LLC won approval for bid procedures for the proposed sale of its Freemont, Calif., property for $90.28 million.

Judge Mary F. Walrath approved the procedures, including a breakup fee and expense reimbursement for stalking-horse bidder Seagate Technology, LLC.

If Seagate is not the high bidder for the property, Solyndra will pay it a $1.81 million break-up fee and reimburse up to $500,000 of its sale-related expenses.

Initial overbids must exceed Seagate's offer by at least $1 million, plus the amount of the breakup fee and expense reimbursement.

Subsequent bids at auction must be made in minimum increments of $500,000.

Solyndra attorney Joshua M. Fried said that no dates have been determined for the bid deadline or an auction.

The sale hearing is tentatively scheduled for 9:30 a.m. ET on Nov. 15.

Solyndra is a Fremont, Calif.-based manufacturer of cylindrical solar photovoltaic systems for large industrial and commercial rooftops. The company filed for bankruptcy on Sept. 6, 2011 under Chapter 11 case number 11-12799.

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