Solyndra Retains Heritage Global Partners to Conduct Public Auction of Surplus Assets on November 2nd and 3rd

October 19, 2011 01:15 PM Eastern Daylight Time

SAN DIEGO – (BUSINESS WIRE) – Heritage Global Partners will conduct a global webcast auction of surplus assets held by Solyndra, LLC, an innovative solar manufacturer that filed for bankruptcy protection under chapter 11 on September 6, 2011. Heritage Global Partners obtained approval from the bankruptcy court on October 17 to conduct this auction of surplus assets not required for the restart of Solyndra’s production process. Solyndra still plans to sell its core assets on a turnkey basis through a separate process approved by the bankruptcy court. The auction of surplus assets will begin on Wednesday, November 2 at 10 am PDT, and be held through Thursday, November 3 until 5 pm, PDT via live global webcast at and in person at the company’s facilities in Fremont, California.

The auction will feature thousands of world-class assets, finished inventory, and manufacturing equipment, as well as office furnishings and work stations, computers and networking equipment, machinery, and millions of dollars worth of OEM spare parts.

“On behalf of all stakeholders, our team is pleased to have been selected to be conducting the non-core auction on behalf of Solyndra,” said Ross Dove, Managing Partner, Heritage Global Partners. “This much-anticipated auction will constitute the solar auction of the year – offering state-of-the-art equipment, assets, and inventory for sale to the general public.”

Fremont, California-based Solyndra was a manufacturer of innovative cylindrical solar panels for low-slope commercial and industrial rooftops. On August 31, 2011, the company suspended operations as it evaluates its options.

To achieve the highest return for creditors under the circumstances, Solyndra chose Heritage Global Partners for their global reach and reputation and innovative approach to achieving high value for surplus assets.

Led by auction industry pioneers Ross and Kirk Dove, Heritage Global Partners, is one of the country’s leading asset advisory and auction services firms, which assists large and small companies with buying and selling of assets. Heritage Global Partners offers asset brokerage, asset inspection, asset valuations, industrial equipment and real estate auctions, as well as enterprise auctions combining tangible and intangible assets.

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