Hoku cuts 100 workers, halts plant construction

Rising debt and foreclosure proceedings prompt the Honolulu-based company to restructure

By Alan Yonan Jr.

POSTED: 01:30 a.m. HST, May 23, 2012

~~<p>Hammered by plunging polysilicon prices, Honolulu-based Hoku Corp. was forced to lay off 100 workers and halt construction on a plant in Idaho that was to produce the main component used in photovoltaic solar panels, company officials said Tuesday.</p>
<p>Hoku, which has posted financial losses in 20 out of the past 21 quarters, also announced that it has hired an investment bank to restructure $278 million in debt the company has racked up since breaking ground on the polysilicon plant in 2007. The plant in Pocatello is being built by Hoku Materials, a subsidiary of Hoku Corp.</p>
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Hammered by plunging polysilicon prices, Honolulu-based Hoku Corp. was forced to lay off 100 workers and halt construction on a plant in Idaho that was to produce the main component used in photovoltaic solar panels, company officials said Tuesday.

Hoku, which has posted financial losses in 20 out of the past 21 quarters, also announced that it has hired an investment bank to restructure $278 million in debt the company has racked up since breaking ground on the polysilicon plant in 2007. The plant in Pocatello is being built by Hoku Materials, a subsidiary of Hoku Corp. Login for more...