Lawyers get more work after the bankruptcy filled by Solyandra

09/22/11

Lawyers get more work after the bankruptcy filled by Solyandra
Attorneys from at least seven firms are advising on the current case of controversial bankruptcy filing by Solyndra - government subsidized solar panel manufacturer. The chapter 11 was filed by Solyandra, a photovoltaic cells maker for solar power systems, after laying off nearly 1,100 employees and finding it difficult to compete against Chinese manufacturers. Treasury Department's Federal Financing Bank had granted the company a $535 million federal loan under the Energy Department's 1705 program. But Solyandra failed despite receiving the federal loan. The fallout of the company is said to have generating a lot of work for the lawyers. Solyndra has hired five lawyers from McDermott Will & Emery to serve as special counsel. The attorneys are former Massachusetts governor and of counsel William Weld, government strategies practice head Stephen Ryan, regulatory partner David Ransom, white-collar defense partner Eugene Litvinoff, and senior professional advisor Jon Decker.