Judge approves Solyndra bankruptcy plan

October 23, 2012 6:23:14 PM PDT
The government is expected to appeal after a judge approved a bankruptcy exit plan for failed solar power company Solyndra.

The Fremont-based company received a $528 million loan from the Obama Administration. And under the bankruptcy plan, it is unlikely that the government will get back any of that money.

The plan also allows two private equity funds that control Solyndra to potentially use the company's operating losses to reap hundreds of millions of dollars in tax breaks.

The IRS claims the bankruptcy plan is nothing more than a huge tax break.