July 29, 2012 / 9:15 PM / 5 years ago

Solyndra files Chapter 11 reorganization plan

NEW YORK (Reuters) - Solyndra LLC, the solar panel maker that received $535 million in federal loan guarantees before filing for bankruptcy last September, has filed a Chapter 11 reorganization plan, according to court documents.

The company on Friday filed the plan in the U.S. Bankruptcy Court in Wilmington, Delaware, which will take virtually all the remaining assets of the company and put them into the Solyndra Residual Trust.

“The Plan proposes to fairly and efficiently restructure the Debtors’ liabilities and distribute the Debtors’ assets in a manner that will allow these Chapter 11 Cases to be promptly concluded,” the filing said.

One of the plan’s sponsors is Argonaut Ventures I, LLC, one of the company’s largest debtors and an investment vehicle of the George Kaiser Family Foundation of Tulsa, Oklahoma. The other is Madrone Partners LP.

The case is Solyndra LLC, Case No. 11-12799, U.S. Bankruptcy Court, District of Delaware.

Reporting By Janet McGurty; Editing by Maureen Bavdek

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