The House Energy and Commerce Committee met today to discuss the Department of Energy’s loan guarantee to Solyndra Inc., a solar panel manufacturer that recieved a $535 million government loan but recently laid off 1,100 workers and filed for bankruptcy.
President Obama is facing a stream of criticism from both Democrats and the GOP about Solyndra. Obama visited the company's California facility last year. The Committee is reviewing the e-mails exhanged between government officials and Solyndra.
A criminal investigation is currently underway into whether Solyndra misled the government about its financial situation in order to receive a refinancing loan earlier this year.
According to Solyndra's website, the company "intends to file a petition for relief under Chapter 11." "Solyndra could not achieve full-scale operations rapidly enough to compete in the near term with the resources of larger foreign manufacturers."