Friday, July 5, 2013

Solar Panel Manufacturer Hoku Goes Dark, Declares Bankruptcy

Posted By on Fri, Jul 5, 2013 at 11:36 AM

Hoku Corporation, which promised to become one of Eastern Idaho's largest employers with a proposed $700 million plant in Pocatello, has gone bankrupt.

In May, 2012, Hoku halted construction of its Pocatello facility and laid off 100 employees after struggling to even pay its electric bill to Idaho Power. The CEO of Hoku Solar tendered his resignation shortly thereafter.

And now, Hoku has filed for bankruptcy in Pocatello federal court, reporting nearly $1 billion in red ink. The plant has been shuttered and no one is allowed on the site unless authorized by a bankruptcy trustee, according to the Idaho State Journal.

More than 30 separate entitites have been listed at creditors. A meeting between the creditors and the bankruptcy trustee, R. Sam Hopkins of Pocatello, is slated for Wednesday, July 31.

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