U.S. Trustee Roberta A. DeAngelis objected to Solyndra LLC's motion to increase its debtor-in-possession (DIP) financing, saying that the solar panel maker has not shown significant progress with its plans to emerge from bankruptcy protection, Reuters reported today. Solyndra, which received $535 million in federal loan guarantees, filed for bankruptcy last September as it succumbed to pressure from Chinese rivals. The company, which is yet to file a reorganization plan, has failed so far to attract bids from buyers who could restart production. Solyndra, which received $4 million in DIP financing from venture capital firm Argonaut Ventures LLC, is seeking to borrow an additional $3 million to help it pay administrative expenses. In her motion, DeAngelis said that it was not clear why the company had an immediate need to pay more on professional fees, especially as there has been no sign of significant progress on a reorganization plan.
