WASHINGTON (AP) – A California solar-panel manufacturer once touted by President Barack Obama as a beneficiary of his administration’s economic policies — and the recipient of a $535 million federal loan — is laying off 1,100 workers and filing for bankruptcy.

Solyndra LLC of Fremont, Calif., is the third solar company to seek bankruptcy protection this year. Officials said Wednesday that the global economy as well as unfavorable conditions in the solar industry combined to force the company to suspend its manufacturing operations.

The price for solar panels has tanked in the past year largely because of heavy competition from Chinese firms. The price for solar panels has dropped by about 42 percent this year.

Obama toured the company’s facilities last year to highlight the economic benefits of the solar industry and an economic stimulus package that provided seed money for solar startups. At the time, the president said that the new plant being built by Solyndra would employ 1,000 workers.

Read more: http://www.cnsnews.com/news/article/solar-company-got-federal-loan-and-was-t

See also Watchwoman related posts: 

House to launch probe of Obama actions on Solyndra, LightSquared 
http://blog.beliefnet.com/watchwomanonthewall/?p=7624

* Green Scam – Solyndra / White House – Exposed – Michelle Malkin on Sean Hannity (video)
http://blog.beliefnet.com/watchwomanonthewall/?p=7649