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News bites: Solyndra lenders ahead of government won’t recover fully
Lenders slotted ahead of the federal government will not receive a full recovery in a final bankruptcy plan for solar panel maker Solyndra, according to Bloomberg.
The federal government might recover at most 19 percent on $142.8 million of the loan guarantee, the news service reported. It likely will get nothing back on the other $385 million of that loan guarantee, which Solyndra secured through an Energy Department stimulus program.
The Texans oppose the project because TransCanada, the Canadian firm behind it, cannot guarantee the oil will stay in the country, will not commit to hiring local workers and has been more aggressive in obtaining land through court order than have other pipeline projects.
A program that lets miners pay the federal government to tap coal reserves on federal land could amount to a subsidy for Asian nations as producers export more coal to that region, notes Reuters.
The European Union might cap the amount of food-based biofuels that can contribute to its renewable fuels targets, according to AP.
Russian oil firm Rosneft is poised to become the world’s largest oil producer if it can close on plans to buy BP’s 50 percent stake in its Russian joint venture TNK-BP, Financial Times reports.
