Solyndra Cleared for Bankruptcy Auction

Solar panel maker Solyndra has been cleared to begin a sale of the business. In a move criticized by some creditors as "rushed," the U.S. bankruptcy court approving a plan for an Oct. 27 auction of the business, Reuters reported Tuesday. The company, which received a $535 million loan guarantee from the federal government and raised more than $700 million in venture capital funding, filed for bankruptcy protection on Sept. 6. Solyndra was backed by Argonaut Ventures, Madrone Partners, U.S. Venture Partners, Rockport Capital Partners, CMEA Ventures and Redpoint Ventures.

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