Solyndra seeks court OK to hold auction for additional non-core assets

By Caroline Salls

Pittsburgh, Nov. 8 - Solyndra LLC requested court approval to hold a supplemental auction for additional non-core assets, saying it generated $6.2 million for non-core assets auctioned off earlier this month, according to a Monday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company said it generated more than $6.2 million from auctions held on Nov. 2 and Nov. 3 "in spite of the large amount of solar manufacturing equipment already on the market" and the removal of some of the non-core assets from the auction.

This amount was more than $1.2 million above what Solyndra thought it could get, the motion said.

The results of the Nov. 2 and Nov. 3 auctions are subject to court approval.

As a result of the better-than-expected results of the first round of auctions, Solyndra said it wants to sell its additional non-core assets at an auction to be held on Dec. 7.

According to the motion, the additional assets include a number of assets that were not purchased at the November auction and others that were not marketed for sale at that auction.

Solyndra said it has determined that the additional assets are not necessary for the operation of its business.

The company has requested a Nov. 22 hearing.

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 under Chapter 11 case number 11-12799.

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