Spectrawatt goes into chapter 11
It seems that everything that Intel touches turns to gold. Take for example the solar industry.
Intel thought that there was big bucks to be made from the Solar industry. After all everyone was talking about alternative power sources. However things did not go as planned when Spectrawatt, Intel's solar cell manufacturer was originally spun off in 2008.
Things got bad when the outfit left Chipzilla. Spectrawatt has now filed for bankruptcy protection under Chapter 11 of the U.S. bankruptcy code. It closed its factory last December, laying off 110 people. This is a factory which only opened in May 2010.
Spectrawatt filed for bankruptcy last week, seeking court permission to auction off tens of millions of dollars worth of assets. The company blames its failure on vendor disputes and competitive pressure from companies that manufacturer solar cells in countries with higher subsidies and lower labour costs.