Solyndra $2.5 million interim DIP loan OK'd; final hearing Sept. 27

By Caroline Salls

Pittsburgh, Sept. 7 - Solyndra LLC was granted interim access to $2.5 million of its proposed $4 million of debtor-in-possession financing from a special purpose entity created by Argonaut Ventures I, LLC and Madrone Partners, LP, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The final hearing is scheduled for Sept. 27.

The facility will mature on the earlier of 180 days from the bankruptcy filing date or 21 days after the filing if a final order has not been entered.

Interest will be 15%.

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

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