Wednesday, July 30, 2014         

 Print   Email   Comment | View 0 Comments   Most Popular   Save   Post   Retweet

Bankrupt Hoku Corp. winds down operations of solar affiliate

By Star-Advertiser Staff

LAST UPDATED: 12:17 p.m. HST, Jul 03, 2013

Hoku Solar is winding down its operations in Hawaii in the wake of its bankruptcy filing, company officials said Wednesday.

The company, a subsidiary of Honolulu-based Hoku Corp., has installed millions of dollars worth of industrial and utility-scale photovoltaic projects statewide since its launch in 2007.

“Hoku Solar remains committed to fulfilling its obligations and is currently working with its customers, vendors and partners to proactively address open issues and complete all remaining work,” Jeremy Xiaoming Yin, president and chief executive officer said in a prepared statement.

Hoku Corp., along with its Hoku Solar and Hoku Materials subsidiaries, filed for Chapter 7 bankruptcy Tuesday. Under Chapter 7 a company’s assets are liquidated and the proceeds are used to pay debts.

Hoku Solar, which listed no liabilities in the bankruptcy filing, was the only profitable part of the company in recent years. Its revenue totaled $12 million in 2012 and $1.6 million in 2013, according the bankruptcy filing.

 Print   Email   Comment | View 0 Comments   Most Popular   Save   Post   Retweet

You must be subscribed to participate in discussions
By participating in online discussions you acknowledge that you have agreed to the TERMS OF SERVICE. An insightful discussion of ideas and viewpoints is encouraged, but comments must be civil and in good taste, with no personal attacks. Because only subscribers are allowed to comment, we have your personal information and are able to contact you. If your comments are inappropriate, you may receive a warning, and if you persist with such comments you may be banned from posting. To report comments that you believe do not follow our guidelines, email commentfeedback@staradvertiser.com.
Leave a comment

Please login to leave a comment.
Breaking News