Solyndra granted extension of DIP financing facility termination date

By Jim Witters

Wilmington, Del., Sept. 21 - Solyndra LLC received approval for an extension of the termination date for its $11 million debtor-in-possession financing facility, according to documents filed Sept. 20 with the U.S. Bankruptcy Court for the District of Delaware.

The maturity date was extended through Oct. 27 from Sept. 29.

Solyndra said the extension will provide the company "sufficient time to confirm the pending joint Chapter 11 plan."

A plan confirmation hearing is scheduled for Oct. 17. And the company said the confirmed plan should become effective before the Oct. 27 DIP loan maturity date.

The company also said it does not plan to borrow more than $7 million.

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. Its Chapter 11 case number is 11-12799.

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