Bloomberg News

U.S. House Oversight Panel Seeks Testimony From Abound Solar

July 03, 2012

A Republican-led U.S. House oversight panel asked Abound Solar Inc.’s chief executive officer to testify at a July 18 hearing on the company’s U.S. loan guarantee.

The House Oversight and Government Reform Committee’s stimulus oversight panel wrote to Chief Executive Officer Craig Witsoe yesterday requesting he attend the hearing. Abound announced last week it was closing, after being awarded a $400 million loan guarantee in 2010.

The company borrowed about $70 million against its guarantee. The Energy Department has said taxpayers may lose $40 million to $60 million on the loan after Abound’s assets are sold and the bankruptcy proceeding closes.

To contact the reporter on this story: Jim Snyder in Washington at jsnyder24@bloomberg.net

To contact the editor responsible for this story: Steve Geimann at sgeimann@bloomberg.net


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